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Fidelity’s eMoney Rolls Out Financial Planning App for Retirement FAs

By Alex Padalka October 21, 2020

Fidelity’s eMoney Advisor says it has launched a new mobile app for financial planning and wellness that will be offered to clients through retirement plan advisors.

Incentive, as the app is called, is intended to introduce basic financial planning concepts while encouraging long-term behavioral changes, according to Fidelity. The app offers access to basic financial plans, “spending challenges” and financial literacy, as well as account aggregation and access to an advisor, eMoney says. 

After getting an access code from their retirement plan advisor or employer, users input their age and income and, based on the target plan set up on “industry rules of thumb,” get information on whether they’re staying on track as far as retirement, emergency savings, budget, debt and insurance, as well as tips on what they can do if they’re off track, according to Fidelity. 

“The application of Incentive is far-reaching, and while we are focusing our initial efforts on working with advisors who manage workplace investment and wellness plans, we see it reaching much further in the future,” eMoney head of product Jess Liberi says in a statement.

eMoney has rolled out the app in a beta version, available for Apple and Android phones, and launched it officially on October 19. Six firms are currently part of the beta program, with a full launch scheduled for January 2021, eMoney says.

The app was first introduced in 2019 as Project Avocado, the company says — perhaps as a nod to the millennial generation, given the common trope that members of that group are fans of avocado toast. Since then, however, the app has been “expanded in scope and target market,” eMoney says. 

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