Evelyn Partners’ launches new digital hybrid platform as part of its landmark employee financial wellbeing service, Moneyhealth

A state-of-the-art digital platform with built-in financial coaching by qualified professionals form an integral part of Evelyn Partners’ ground-breaking new employee financial wellbeing service which is today being unveiled as Evelyn Partners’ Moneyhealth. The service enables employers to offer a comprehensive approach towards effective money management for staff at all income levels – whether a trainee or senior executive.

From financial coaching with a qualified financial planner to extensive guidance on saving, budgeting, debt, credit scores, tax, mortgages, financial planning, investing and much more – the new platform equips employees with all the tools they need to tackle their money worries head on. In turn it will help staff members focus on their job, boosting productivity and the company’s bottom line in the process.  
 
Financial health is now the leading concern for employees, according to a recent Evelyn Partners survey of more than 500 business owners*. Nearly a third (30%) of business owners see financial wellbeing amid the cost-of-living crisis as the biggest worry for their staff members, prompting some responsible employers to seek out a targeted support solution. 
 
Employees of organisations subscribing to Evelyn Partners’ Moneyhealth service will gain 24/7 access to the digital platform, benefitting from: 

• Financial coaching with a qualified professional: The platform matches employees with the right coach, a qualified financial planner, for their unique situation with the chance to meet them virtually up to four times a year. During a coaching session, staff can confidentially raise any personal finance concerns, receive guidance on setting financial goals and identify actions they can take to hit those goals. Users can also update their coach on their progress through the messaging system directly on the platform.
  
• A full financial health check: Using a questionnaire to generate a health score rating out of 10, this tool assesses the user’s financial health and identifies actions they can take to improve their score. These could include making their savings more tax-efficient by opening an Individual Savings Account, boosting pension savings, building an emergency savings fund, signing up for relevant benefits, setting up a direct debit to save towards a financial goal, protecting dependents by writing a will, taking out a life insurance policy or signing up for income protection, and more.
  
• A full view of their net wealth: Employees can link and view all their accounts – including banking, savings and credit cards – in a single space via open banking, and document their debts, such as personal loans and mortgages, giving them a clear picture of their net wealth.
  
• A personalised financial plan: Users receive a personalised plan that identifies how to boost their financial wellbeing with all the tools and calculators they need to build a more secure future – from spending trackers and budget planners, to credit card, mortgage, income tax and benefits calculators and even tools to assess the costs involved with raising a child, divorce or redundancy.
  
• Research and learning: A library of easy-to-understand educational personal finance guides will boost financial knowledge and confidence, empowering workers to tackle any money challenges or take positive steps to improve their financial future such as opening a Lifetime ISA to save towards a house deposit or boosting pension contributions.
  
• Direct access to the award-winning Bestinvest investment platform: Employees keen to invest can instantly access more than 3,000 funds, investment trusts, exchange traded funds, UK and US shares and fully managed Ready-made Portfolios to suit different risk profiles though the do-it-yourself investment platform, Bestinvest. Accounts, such as an Individual Savings Account (ISA), a Junior ISA for children, a Self-Invested Personal Pension and a General Investment Account can be opened in just a few simple steps.
  

Separately, as part of the overall Moneyhealth service, senior managers with more complex financial affairs can tap into Evelyn Partners’ executive consulting service, gaining access to extensive expertise in wealth management, financial planning and tax with the option to sign up for formal, ongoing advice. 

In addition, employees of all income levels – from those grappling with cost-of-living challenges to executives concerned with preserving their wealth and passing it on to the next generation in a tax-efficient way - can access a bespoke programme of financial wellbeing workshops run by Evelyn Partners’ practitioners with guides, webinars and in-person seminars covering a range of key topics from pensions and protection to budgeting, saving, investing and more. 

John Bunch, Chief Financial Services Director of Evelyn Partners, commented: “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**.

“Indeed, our own research found that business owners recognise that personal finance worries are the leading cause of concern for their employees. This is why providing a solution for employees’ short and long-term money issues - from budgeting on a limited income and getting out of debt, to saving and investing to provide a robust retirement income - should be a key priority for employers.

“By helping staff get a grip on their financial affairs, today and over the long term, employers will not only empower their staff to improve their financial health, but also help to build a less stressed, more secure and more settled workforce at every level of the company hierarchy.

“Our new digital hybrid Moneyhealth service can enable staff members to tackle the fundamentals of personal finance, such as tracking expenditure, saving towards a goal, shifting debt to a 0% credit card and taking advantage of tax-efficient savings products, such as ISAs and pensions with the support of a dedicated coach. Meanwhile, senior executives requiring bespoke guidance can tap into Evelyn Partners’ extensive expertise on wealth, financial planning, tax and professional services.

“Our full Moneyhealth employee financial wellbeing proposition provides businesses with a valuable benefit to offer their staff to help them improve their personal finances at all levels of the organisation. A workforce with healthy financial habits is likely to be an engaged and productive and focused team, creating a win-win scenario for all parties.”

*Nationally representative survey of 504 business owners aged 18+ with turnovers of £5m+ conducted for Evelyn Partners by Censuswide between 28^th April 2023 to 9^th May 2023: 

** According to PwC Financial Wellbeing Report 2022

Important information 

By necessity, this briefing can only provide a short overview and it is essential to seek professional advice before applying the contents of this article. This briefing does not constitute advice nor a recommendation relating to the acquisition or disposal of investments. No responsibility can be taken for any loss arising from action taken or refrained from on the basis of this publication.

Investment does involve risk. The value of investments and the income from them can go down as well as up. The investor may not receive back, in total, the original amount invested.

Moneyhealth is a trading name of both Evelyn Partners LLP and Bippit Ltd.

Evelyn Partners LLP provide all of the services available as part of Moneyhealth with the exception of the Account Information Services (the consolidation of account information) which is provided by Bippit Ltd.

Evelyn Partners LLP is Regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. The services provided by Evelyn Partners LLP are not regulated by the Financial Conduct Authority.

Financial Planning is provided by Evelyn Partners Financial Planning Limited and investment management is provided by Evelyn Partners Investment Management Services Limited and Evelyn Partners Investment Management LLP, which are all authorised and regulated by the Financial Conduct Authority.

The service provided by Bippit Ltd is regulated.  Bippit Ltd is registered with the Financial Conduct Authority under the Payment Services Regulations 2017 for the provision of payment services.

Bestinvest is a trading name of Evelyn Partners Investment Management Services Limited, which is authorised and regulated by the Financial Conduct Authority.

© Evelyn Partners Group Limited 2023