Clients at Glasgow-based wealth manager Murphy Wealth can now gain full access to their financial information on a new app provided by the company.

The app, created by the Glasgow-based wealth and business advisory firm, gives users a live view of finances, shows investment performance and values, available cash, income and spending analysis as well as net wealth, alongside instant messaging functionality and documents.

The launch of the new app comes as research from over-50s specialist insurer SunLife (reported on Financial Planning Today) reveals that online financial budgeting tools and phone apps are becoming more popular among investors aged 50-80. According to SunLife’s annual Cash Happy report, which looked at 3,000 UK households, the number of over-50s using them for serious budgeting purposes has risen from 35% to 38%. 

The research found that one in nine (11%) over-50s use online tools or apps to budget, a significant increase from the one in 12 figure (8%) seen in 2016, and one in 25 (4%) in 2015. 

Talking about Murphy Wealth’s new app, Adrian Murphy, managing director of Murphy Wealth, said: “The financial services industry has a history of hoarding clients’ information and only giving them a glimpse of the whole picture from time to time, we want to democratise this information and put the client back in control.

“If you’re able to see at a glance how your finances look, you’re in a stronger position to make better decisions and have more informed discussions about your future plans and how your business interests play into the overall financial picture,” he said.

It comes as the UK financial services sector prepares for Mifid II, an EU directive which is intended to improve financial security and transparency across Europe. The directive advances the so-called ‘API economy’ in banking, making it possible for consumers to access their financial information through third-party sources.

The API economy refers to the way in which technology such as apps, also referred to as application programming interfaces (APIs), can increase a company’s profits

 Mr Murphy added: “New technology and greater transparency in financial services gives people the opportunity to take better control of their finances. This app literally puts all of the right information into the palm of their hands, in a way which hasn’t been done before in Scotland“. 

The app was created in partnership with specialist fintech developer Moneyinfo, and is now live.