Moneyhub has partnered with Independent financial advice firm WPS Advisory to launch LifeStage, a financial wellbeing app.
LifeStage, which was created to assist employees in making well-informed decisions, gives them a comprehensive picture of their financial status, including their income, expenses, savings, debts, pensions, and properties, using Moneyhub’s Open Finance technology.
The app aims to support employees’ financial wellbeing by simplifying the management of their current and future money.
LifeStage has been integrated with three partners—Guide, Legado, and SmartSearch—by Moneyhub and WPS Advisory. A pension modelling tool is available from Guiide to help with the creation and upkeep of customised retirement plans. Legado offers WPS Advisory and users a safe Digital Vault to handle, store, and distribute critical documents. SmartSearch ensures compliance with KYC and client due diligence mandates by expediting anti-money laundering inspections.
Advisers can offer advice based on a precise financial picture when LifeStage members submit their financial information with WPS Advisory via Moneyhub’s Sharing Centre. Advisers can provide customised guidance by using shared accounts, income, expenditure analysis, net worth summaries, and comprehensive transaction data.
Access levels can be tailored by employers, ranging from a stand-alone app with videos for financial advice to fully-advised systems that include yearly evaluations of workers’ financial objectives.
WPS Advisory head of strategy Natalie Oliver says: “Partnering with Moneyhub has given us an exceptional opportunity to continue delivering a high-quality service to our customers while maintaining value for money. Our aim is to make financial advice, typically provided through the workplace, as accessible and cost-effective as possible. Technology integrations play a vital role in achieving this goal.
“Through our LifeStage proposition, we are committed to building financial confidence in our customers, empowering them to manage their money today, tomorrow, and in the future. This partnership with Moneyhub, along with our broader integrations, is crucial to reaching these objectives.”
Moneyhub chief commercial officer Dan Scholey says: “Our partnership with WPS Advisory represents a significant step in revolutionising how financial advice is delivered, making it more accessible, efficient and relevant for all and taking full advantage of the benefits of Open Finance. In light of the FCA’s Advice Guidance Boundary Review, this step comes at an ideal time. The research is clear – poor employee financial health impacts mental health, productivity and retention, and employees want employers to be taking a more active role in supporting them with their finances.
“By combining the expertise of advisors with cutting edge Open Finance technology, WPS Advisory has developed a truly exceptional proposition. We’re proud to be working with them to build financial confidence for people at every stage of life, and excited for future plans and iterations of the LifeStage product.”