Wealth manager and Financial Planner Evelyn Partners has launched a new digital hybrid platform which will offer employees of companies a financial coaching service provided by qualified professionals.
The Moneyhealth platform will provide guidance on savings, budgeting, tax, debt, pensions, investing and other personal finance topics.
The launch comes in the same week as rival wealth manager Charles Stanley added a financial coaching service for its direct investing clients. The Charles Stanley service offers a free 15-minute call with a Financial Planner to answer questions about personal finances or a one-hour coaching session via video at a fixed cost of £150.
Evelyn says its new digital hybrid service will help employees “take control” of their personal finances.
The service will be offered first to company employees. A digital platform with built-in financial coaching by qualified professionals will form an “integral part” of Evelyn Partners’ new employee financial wellbeing service ‘Evelyn Partners’ Moneyhealth’.
The service will give employers a comprehensive approach towards effective money management for staff at all income levels from trainees to senior executives. Those lower down the income scale will get access to a range of tools and coaching services while senior managers can optionally access a full Financial Planning service.
The new platform offers to all employees financial coaching with a qualified Financial Planner and guidance on saving, budgeting, debt, credit scores, tax, mortgages, Financial Planning and investing.
According to a recent Evelyn Partners survey of more than 500 business owners financial health is a major concern for employees. Nearly a third (30%) of business owners see financial wellbeing amid the cost-of-living crisis as the biggest worry for staff.
Employees of organisations subscribing to Moneyhealth will get 24/7 access to the digital platform.
The platform provides:
• Financial coaching with a qualified professional. Employees will be matched with a suitable coach, a qualified Financial Planner, and can meet them virtually up to four times a year.
• Financial health checks. This will use a questionnaire to generate a health score rating out of 10 and identifies actions employees can take to improve their score.
• A full view of their net wealth. Employees can link and view all their accounts – including banking, savings and credit cards – in a single hub via open banking.
• Personalised financial plan. Users can receive a personalised plan that identifies how to boost their financial wellbeing with tools and calculators to provide ideas. This includes spending trackers and budget planners, income tax and benefits calculators and tools to assess the costs involved with raising a child, divorce or redundancy.
• Research and learning. A library of personal finance guides.
• Direct access to Evelyn’s sister DIY Bestinvest investment platform with 3,000 funds available and a selection of ready-made portfolios as well as ISAs, a Junior ISA for children, a Self-Invested Personal Pension and a General Investment Accounts.
John Bunch, chief financial services director of Evelyn Partners, said: “It is well documented that the UK has an ‘advice gap’, with millions of people not gaining access to the financial support that they need.
“We believe that employers have a critical role to play in resolving this dilemma. Looking after the financial health of your workforce is more than just an employee benefit, it should be a strategic business
objective. People worried about their finances are six times more likely to struggle with productivity and seven times more likely to be affected by absenteeism.”
