Frenkel Topping has launched a new actively managed cash service that will see clients get better bank interest rates for savings.
The specialist IFA protects the financial assets of people who have suffered catastrophic injuries, including those awarded large compensation payments through personal injury or clinical negligence claims, safeguarding the financial future of its clients.
Frenkel Topping, which boasts £759 million assets under management and more than 1,600 clients, said with active management their clients and the lawyers representing them, can have more flexibility and make more of savings despite the low interest rate environment.
Money is also eligible for Financial Services Compensation Scheme (FSCS) protection, which is currently available for amounts of up to £85,000 per banking institution.
While accounts are held in the owner’s name they can be controlled by the power of attorney, professional deputy or trustees appointed to manage and make financial decisions on their behalf.
Richard Fraser, CEO of Frenkel Topping, said: “Choosing where to invest funds while keeping them protected and retaining their value can be challenging and time consuming.
“We introduced a new actively managed cash service after we realised many of our clients, their deputies, trustees or lawyers needed to have the peace of mind that they have flexibility to access funds if they are needed in the short term to cover, for example, care or medical costs.
“However, we didn’t want this to impact on the level of interest they received. Instead we wanted to ensure their cash savings were working hard for them. With this new service savings will consistently earn competitive interest and grow.
“There is a distinct lack of similar products on the market,” explained Richard. “We wanted to deliver a cash savings solution that balances clients’ individual priorities for security, liquidity and return.”
The service is targeted at people with a minimum investment of £50,000 and clients are provided with a dedicated client manager.
Funds are deposited into a hub account, then transferred to banking institutions offering competitive rates and moved as interest rates change. A one-time only sign up means the firm’s clients never need to open or close another savings account again.
Clients have a transparent view of how cash is managed and can view their portfolio 24/7 via an app and website.
Richard added: “We’re passionate about maximising life enhancing outcomes for our clients and the actively managed cash service is our latest offering.
“Keeping up-to-date with new bank accounts and constantly changing interest rates is a persistent challenge that most people just don’t have the time or appetite for. Our new cash management product will aim to help make financial decisions simple.”
With a proven track record in safeguarding the financial future of its clients, Frenkel Topping helps secure the maximum compensation settlement they are entitled to. They then carefully invest their clients’ damages to protect their independence and quality of life in the long term.
The firm has 29 years’ experience of listening to its clients’ needs, finding the right investment and making sure their money lasts a lifetime.
Frenkel Topping has advised many of the UK’s leading law firms and barristers on settlements and investments for their clients.
For more information about the Frenkel Topping visit the website.