NS&I, which today launched online access for the first time to client holdings via its own portal, says it wants to add its products to platforms to allow planners and advisers to manage all client savings and investments in one place.
The majority of planners now transact all or some business through platforms.
It is understood that platform fees remain a stumbling block to NS&I products but talks are ongoing. The Open Banking initiative could make platform access easier, says NS&I.
Andrew Pike, head of intermediary relationships at NS&I, told Financial Planning Today: “Cash is becoming a more integral part of holistic Financial Planning so being able to access NS&I accounts via platforms makes sense if we can find a way to do it.”
NS&I is also looking to allow Financial Planners to make transactions for clients on its new online service which initially allows only information on client holdings to be seen.
Mr Pike said a raft of upgrades was already being planned for the new online service including adding joint account access in the near future and access to accounts held in trust by next year.
Access for Power of Attorney clients and deputies is also on the way.
NS&I says that approximately 800,000 of its customers hold £50,000 or more with NS&I and the majority of these are likely to receive some form of financial advice with many clients of advisers and planners, it believes. This segment provides some 56% of all the money invested with NS&I, underlining its value to the business.
Mr Pike said so far 400 adviser firms had signed up for the adviser telephone service last year launched to give advisers information on client holdings.
He believes that the majority of UK financial advisers have clients with NS&I holdings and he expect 3,500 out of the 5,000 UK financial advisory firms to eventually sign up for online access in one form or another.