NEW YORK, Jan. 14, 2020 /PRNewswire/ -- Independent Financial Partners (IFP), a full-service broker-dealer, registered investment adviser and insurance agency, announced today that its more than 200 affiliated financial advisors across the U.S. will now be able to offer high-interest, FDIC-insured bank accounts to their customers through Galileo Money+.
Galileo Money+, a division of Galileo Financial Technologies, enables financial advisors to compete for the $10+ trillion in low- or no-interest U.S. bank deposits by offering their customers supercharged, white-labeled accounts for spending and wealth accumulation, featuring market-based interest rates tied to the Effective Federal Funds Rate. Galileo, the technology company that powers disruptive innovation for the most forward-thinking fintechs, next-gen financial institutions and investment firms, launched Galileo Money+ last year.
"We want to be the partnership of choice for independent, entrepreneurial financial advisors. That means delivering the best investment products, technology and experiences to our advisors," said IFP CEO Bill Hamm. "Financial advisors have a massive opportunity to increase share of wallet with existing clients and attract new clients by offering bank accounts, and we're thrilled that Galileo Money+ enables us to offer this to our growing network."
"Financial advisors haven't had a way to compete with brick-and-mortar banks for the trillions of dollars that high-net-worth households keep in bank checking, savings and CDs," said Galileo Money+ Managing Director Aaron Dillon. "The white-labeled services provided by Galileo Money+ enable financial advisors to compete with banks in a meaningful way. I commend Bill and the IFP team for expanding their reach into their clients' banking lives and their continued leadership and innovation in the wealth management industry."
Galileo Money+ offers customers two types of accounts, custodied through Galileo's bank, The Bancorp Bank. The Galileo Money+ Spending Account, which currently offers 0.73 percent APY interest, is for everyday financial activities, like purchasing groceries or a cup of coffee, paying bills, getting pocket cash from ATMs and transferring money to friends and family. The Galileo Money+ Plus Account, currently offers 1.36 percent APY interest, is for wealth accumulation.
"Our goal is to empower financial advisors to offer their clients a bank account that puts clients' interests first," added Dillon. "This means a transparent, consistent, market-based interest rate methodology, no account service fees and a white-glove client experience."
About Galileo Money+ Galileo Money+, a division of Galileo Financial Technologies, empowers financial advisors to offer clients their own white-labeled bank accounts. Galileo Financial Technologies, with 20 years' experience empowering governments, corporates, broker-dealers, registered investment advisors and fintechs, offers world-class cash management and payments experiences globally.
About Independent Financial Partners Independent Financial Partners (IFP) is a registered investment adviser, broker-dealer, and insurance agency providing technological, compliance, marketing, business development, and operational support to its network of over 200 financial advisors. Founded in 2000 by William E. Hamm, Jr., IFP operated as a hybrid RIA and OSJ for 19 years before launching its own broker-dealer in 2019. IFP offers a platform for truly independent financial advisors, one built on choice, transparency, and advisor feedback.