Transformational digital financial advice ‘first’ offers employee benefits breakthrough

Employee benefits play a critical role in retaining and recruiting staff, but one crucial element has been missing – until now.

The cost of traditional financial advice means it is rarely part of the package employers offer their people.

This is set to change with the launch of MyAdvicePlace, MAP for short, enabling organisations to offer affordable financial advice to their workforce via an online tool and a check-in with a qualified adviser.

Brought to market by Foster Denovo, parent company of employee benefits consultancy Secondsight, the firm’s research of 1,500 people aged between 20 to 50, earning from under £15k to nearly £100k in different occupations and regions across the UK suggested demand for this innovation.

The findings show three-quarters had never used anything which could be described as digital advice but over half – 53 per cent – expressed an interest in doing so.

And this interest sharpened if employers were willing to cover the one-off cost – with 62 per cent said they would feel confident using the tool, and a further 32 per cent said they would if their employer offered it at a discount.

Meanwhile, 64 per cent believe personalised digital financial advice would eventually become the norm.

Foster Denovo Chief Operating Officer Helen Lovett said: “We’re still living through the cost-of-living crisis and employers know how crucial financial wellbeing is to helping their workforce to deal with this pressure, while giving their best at work.

“MyAdvicePlace is an affordable way to bridge the Advice Gap and employers can offer it to their people knowing it’s a practical measure to offer something that’s long been out of reach to most.

“Helping employees to be more engaged and productive, helps employers move forward during these challenging times. We’ve combined our experience and expertise with the latest technology, so we can actually do something about it.”

The firm describes MAP as a ground-breaking advance, going well beyond financial wellbeing in the workplace by offering regulated advice at a fraction of the price. The tool is believed to be the first of its kind in the UK for people with straightforward financial needs.

MAP provides:

• personalised, regulated online financial advice on key areas such as saving, investing, retiring, buying a house, health insurance and income protection.
• employee’s own unique financial MAP, based on a few clicks about their circumstances and goals.
• peace-of-mind because MAP users are protected by law, just like conventional advice.
• personal contact and the option to talk to a Foster Denovo qualified financial adviser to discuss their plan and recommendations, as well as clarify any points.

Employers can differentiate their benefits package by supporting staff to stay on the right financial track throughout their lives. MAP helps employees to identify their financial goals, then maps a clear path towards achieving them.

This latest development comes as Foster Denovo marks its 20^th anniversary this year. The group continues to expand its national adviser footprint, buying Verum Wealth in Glasgow at the start of 2025, after acquiring Brian Mole and 80Twenty in the Midlands last autumn and Rosemount – also in Glasgow – last summer.

Earlier in 2024, it doubled the size of its employee benefits division with Punter Southall’s corporate advisory arm and acquired wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire to establish 13 offices across the UK.

Sources

MyAdvicePlace – MAP industry whitepaper

fca.org.uk/publication/financial-lives/fls-2024-financial-advice-support.pdf

MyAdvicePlace is a trading name of Foster Denovo Limited. Seconsight is a trading name of Foster Denovo Limited. Foster Denovo Limited is authorised and regulated by the Financial Conduct Authority.