Jess Liberi Head of Product, eMoney Advisor Jess Liberi, head of product, eMoney Advisor.

Fidelity Investments’ eMoney Advisor software business announced the planned rollout of a financial planning and wellness app named Incentive during the online version of its annual eMoney Summit on Monday.

Six firms are taking part in a beta program for Incentive now, and general availability is scheduled for January, eMoney said.

Although Incentive is “client-led, it is still delivered through a financial professional,” Jess Liberi, eMoney head of product, said during a keynote.

The app, available for use through retirement plan advisors, is aimed at introducing basic financial planning concepts and encouraging long-term behavioral changes to help users achieve their goals in engaging and actionable ways, the company said.

The “scalable, value-added solution” was designed to serve as an advisor’s “personally branded financial wellness app — a differentiator in the market — which can be used to connect and engage with plan participants,” according to eMoney.

“The application of Incentive is far-reaching, and while we are focusing our initial efforts on working with advisors and advisory firms that focus on the employer retirement plan market, we see it reaching much, much further in the future,” Liberi told viewers.

Project Avocado

First introduced as Project Avocado in 2019, Incentive has since been expanded in scope and target market.

After conducting research and development and an internal alpha launch, the app’s named was changed to Incentive based on the notion that everyone has a motivation or incentive to become financially healthy, the company explained.

The new app’s design is simple and offers a streamlined user experience intended to motivate users to change their financial behavior by accessing basic financial plans, spending challenges and relevant financial literacy topics, it said.

Users also have direct access to an advisor through the app and can reach out at any time, the company noted.

Incentive will be available for download in the App Store and Google Play, and users will receive a special access code from their retirement plan advisor or employer.

To get started, users enter their age and income for access to a target plan that is based on industry rules of thumb. Based on the plan provided, users are informed whether they’re on or off track in five key areas of planning basics: Retirement, emergency savings, budget, debt and insurance. If users are off track, the app supports them by providing actionable, clear next steps.

Liberi also highlighted eMoney’s overall product vision during the keynote, saying its latest enhancements and roadmap focus on three main themes:

  • Productivity, including advanced planning, foundational planning and eMoney Access;
  • Personalization, including application programming interface-based connections, the Incentive app and Client Portal, where future enhancements include features that further involve end-clients in the planning process; and
  • Value-Add, including advisor branded marketing; a getting started onboarding program and the second season of the “That Makes Cents” podcast, expected to launch this fall.

More than 1.5 million eMoney accounts have been transitioned to API-based aggregation methods in the last 12 months, Liberi said during the keynote session. In 2021, the goal is for almost 70% of all end-client aggregated accounts to be transitioned on the platform, she said.

(Fidelity Investments acquired eMoney in 2015 for $250 million).

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