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.
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.