Galileo, a provider of white-label banking services, has added independent broker/dealer Independent Financial Partners to its growing list of Galileo Money+ users. The partnership was announced Tuesday.
IFP’s 200 advisors now have access to Galileo’s white-label banking services through Galileo Money+. Included are high-interest and FDIC-insured bank accounts that can be managed on a white-label banking app. Advisory firms are able to set up clients with the accounts and firm-branded debit cards. The platform also includes a white-label call center for customer support.
"Financial advisors have a massive opportunity to increase share of wallet with existing clients and attract new clients by offering bank accounts,” said IFP’s CEO Bill Hamm in the prepared statement.
The two depositories advisors can offer are The Galileo Money+ Spending Account and The Galileo Money+ Plus Account. Both are custodied through The Bancorp Bank. The spending account, used like a checking account, offers 0.73% APY. Clients can accumulate wealth in the reserve account, which offers 1.36% APY.
Galileo Money+ allows advisors to compete with major banks who offer wealth management on top of their banking services. The first round of advisors to sign up and test out the beta version was Carson Group starting in May 2019.
Money+ is a division within Galileo Financial Technologies, a software startup based in Salt Lake City, provides API and payment solutions to fintech companies.