FNZ backs property fintech in talks with advice firms

Platform technology provider FNZ has invested in a fintech company in direct talks with advisory firms to provide clients with access to a real estate asset portal.

Today (September 6), FNZ confirmed that it had invested an undisclosed amount in Nokkel, a London-based fintech startup trying to help people get more involved with the assets tied up in their properties.

A Nokkel spokesperson told FTAdviser that the company was talking to several financial institutions about its dashboard and ownership capital layering in its holistic wealth offerings.

These institutions, they said, include wealth managers and advisers, as well as banks and insurers.

Nokkel is both a direct-to-consumer app and a portal that businesses, such as advisory firms, can link to within their own client apps.

The idea is to give homeowners greater visibility into their property values ​​and help them understand the options that this wealth gives them.

It is advertised as an ‘off-market’ property portal for buyers and for sellers as an opportunity to find buyers who are willing to pay a premium price.

FNZ UK CEO Adrian Durham said the property was a “natural extension” of the tech company’s holistic approach to providing wealth solutions to financial institutions.

“For many of us, our home is our most valuable asset, and one of the only assets we can influence its value, and it shouldn’t be a portfolio afterthought,” Durham explained.

“By investing in Nokkel we want to provide greater control and transparency over this asset, in line with what we have over our bank accounts, investments and pensions.”

Durham has given mixed signals on FNZ’s strategy. His company recently signed a deal directly with advisory firm Fairstone to build a new investment platform.

This caused some in the industry to express concern that FNZ, by going directly to advisors, would make the platforms look like mere “FNZ storefronts”.

Following the deal’s disclosure, Durham said on LinkedIn that FNZ “had no intention of dealing directly with advisory firms.”

FTAdviser has approached FNZ to understand its strategy, but the firm has declined to comment.

How Nokkel works for advisors

Nokkel CEO Roland Whyte told FTAdviser that any financial adviser considering retirement planning needs to have a holistic view of a client’s assets in order to advise whether their client should, for example, withdraw their pension, free up some equity in your property or you can be sure you have enough income from your investment property.

“Equally, if a client decides to sell their home or buy another, Nokkel provides advisers with insight and information,” said Whyte.

This data can, for example, help manage the proceeds from the sale of a property or, if purchased, can help ensure adequate income protection is in place for a larger mortgage on a larger home.

Whyte added that Nokkel’s institutional solution provides consumers with a dashboard that advisers will have access to, along with an overlay screen that provides an overview and helps highlight trigger events where advice is required.

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