UK-based Independent Financial Advisory, Hoxton Capital Management, which has £1bn assets under management, has unveiled an app for anyone to get "free, real-time access" to their entire net worth on their mobile phone wherever they are in the world.
The company believes that the app, Hoxton Wealth, will be the first time that free, real-time access to assets globally has been made available on a single platform. It is also not restricted to existing Hoxton clients.
“There is a surprising level of consistency in the lives of professional individuals whose careers have taken them overseas,” explains Alan Turner, marketing director at Hoxton Capital Management.
“When you make the decision to leave your home country, a set of balls are thrown up into the air. Your financial and administrative life becomes much more complicated than the average person, something which is only accentuated the longer you live abroad.
"After you have been abroad for a while and have begun to settle down and have maybe started thinking of staying abroad longer term, retirement in the home country stops being a given for you. Most people in this situation, we have found, have no fixed idea where they will retire. Helping people plan for their retirement in a yet undefined destination is both important and complicated. It’s never too early to get that planning underway.”
The Hoxton Wealth app takes advantage of open banking protocols so that users can have access to all their assets in one place. They can be aggregated and collated, including bank accounts, brokerage, pension and cash accounts from most countries in the world. Users can also add the value of static property assets as well as having a live tracker for stocks, shares and crypto assets. They can also bring in data on financial liabilities including credit cards and mortgages, creating a genuine one-stop shop for individuals to see all they have in one place.
The platform is available in web and mobile formats.
The user can define the aggregated base currency of their choice but can have as many different currency accounts included as they wish. The app will bring in the live balance of the accounts and the transaction history categorised by the nature of the transactions. There are 26,000 institutions listed on the app, with access to each based on the individual institution’s own security parameters. The app will allow users to automatically connect their brokerage accounts and they can also manually add stocks/shares, crypto and funds.
The app also features an innovative new ‘Wealth Flow’ feature, which models the retirement cash flow needed based on the assets you have populated into the app and the requirements you have set for retirement based on age and desired disposable income in retirement.
