Wealth Wizards launches the UK’s first fully-regulated digital independent financial adviser for the workplace

June 6, 2019

The MyEva team brings you insightful content on workplace financial wellbeing

Wealth Wizards launches the UK’s first fully-regulated digital independent financial adviser for the workplace
Press release: ‍Wealth Wizards, one the UK’s leading fintech companies, has launched the UK’s first independent digital adviser for the workplace, helping employers to deliver improved financial wellbeing to every individual who works for them.

MyEva, a web-app and chatbot, helps employees improve their financial situation with independent personalised guidance and advice, while offering employers unprecedented insight into employees’ money worries, through anonymised, real-time data.

Friendly, easy-to-understand and jargon-free, MyEva offers help, information and nudges on a range of personal finance matters, as well as regulated pensions and investments advice.

Unilever has offered use of MyEva to its employees. Nicola Wells, Global Reward Director, Unilever commented.

“Unilever share a vision with Wealth Wizards to make financial advice affordable and accessible to all, to inspire societal change. A personalised approach to improving financial wellbeing with great MI to act upon will ensure that we as an organisation will be confident knowing we are helping people access financial guidance and advice that is right for them, regardless of their circumstances.”

MyEva initially takes people through a simple financial health check and, based on responses, provides them with personalised recommendations, such as how much they should contribute to their workplace pension, how to control their everyday spending or how to build up longer term savings and investments.

The anonymised data informs employers on the most prevalent financial worries amongst their workforce and then enables them to provide targeted guidance and advice on the issues ‘top of mind’. Success can then be measured to evaluate the impact of MyEva on the financial wellbeing of employees in both small or large, multi-site organisations. The algorithms behind the digital financial adviser are created by expert chartered financial planners and technologists and, where MyEva can’t assist, she will refer clients to a team of advisers through the telephone.

Andrew Firth, founder and CEO of Wealth Wizards, said:

“We’re delighted to introduce the UK’s first digital financial adviser to the workplace market. Just like the best human advisers, MyEva encourages people to make better financial decisions for now and for the future. At the same time, MyEva helps employers understand and benchmark the financial wellbeing of their people, and empower them to improve their financial wellbeing.”

A pilot of MyEva was beta-tested by several organisations in addition to Unilever, such as the Central and North West London NHS Foundation Trust (CNWL) and PVH, whose brand portfolio includes Calvin Klein and Tommy Hilfiger.David Bell, head of human resources at the NHS trust, said:

“The service from Wealth Wizards has had a significant impact across our organisation. It has helped with our understanding of the needs and wants of our employees, and how best to proceed with our financial wellbeing strategy.”

MyEva is available now through selected employers.

Please visit MyEva.com for more information.

NOTES TO EDITORS

For more information about MyEva or Wealth Wizards, please contact Andrea Bruce at abruce@foco-global.comMyEva can be found online and on LinkedIn and Twitter, where a community featuring resources for and interviews with senior HR professionals can be found.

  • MyEva is the UK’s first digital independent financial adviser.
  • Employers who have offered use of MyEva to staff include: PVH, Foreign Commonwealth Office, North West London NHS Foundation Trust and Unilever.
  • MyEva is regulated by the FCA.
  • Wealth Wizards conducted a study in November 2018, with 805 employees of an FMCG brand, which found that 58% of surveyed employees aged 18-75 didn’t know where to save their money. 83% of surveyed employees felt that they would benefit from further financial education after using the MyEva beta tool, whilst 83% of participants found MyEva useful.
  • In a 2017 report, The Chartered Institute of Personnel and Development (CIPD) identified financial wellness at work as a priority for employers. The report referred to financial wellness, or ‘finwell, which was described as: “The state of physical or emotional well-being, produced by a set of conditions and abilities relating to personal finances.” ‘Fin well’ has since been a central theme within human resource continuous professional development and the focus of industry events.
  • The Financial Advice Market Review (FAMR) survey found that 4.5 million UK adults had taken regulated financial advice in the last 12 months, up from 3.2 million in 2017, indicating a rise in the appetite and need for financial advice.

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