According to the firm, eMoney Advisors is launching a white-labeled version of its advisor-linked financial wellness app Incentive. The rebrand-able version of the incentive, which is available to retirement planning advisors, comes after just three new advisory firms started using the app since November. There are currently 18 advisory firms using the incentive, which started in January 2021.
While eMoney isn’t disclosing the number of end-investors or employers using the app, Incentive’s product team is confident that the app’s new white-labeling option will expand its popularity and help it “stand out from the crowd and make a difference.” will allow them to deliver on their promise. Their brand,” according to Chad Porsche, vice president of product innovation. “It Will Grow” [firms’] To help improve customer relationships and reputation customer retention and growth.”
Although not necessarily an indicator of popularity, the incentive currently has over 1,000 downloads on the Google Play Store and 28 ratings on the Apple App Store. For comparison, Fidelity Spire, a retail-focused financial planning and investment app announced in July 2020, has over 50,000 downloads on the Google Play Store and 281 ratings on the Apple App Store.
According to Chris Grant, the decision not to include a white-label version of the incentive in the original product launch, despite the popularity of the idea with consulting firm clients, the app’s product lead and even EMoney’s own operations. Committee, market demand decreased. App’s product lead. Thirteen firms using the incentive have opted to stick with the Emany branding. Only five are using the new white-labeling feature.
One of the white-label adopters is PensionMark Financial Group, which, according to Emilio Vela, director of participant engagement at the firm, will use incentives’ capabilities within its yet-to-be-launched SMARTMap financial planning app. PensionMark currently has five advisors operating the Incentive app and the app’s “biggest champion” has “probably five to seven customers.” [that are employers]”Using incentives, he said.
He said the firm plans to incorporate Incentive’s technology into its app and launch it next week.
According to Vela, after the launch of SmartMap, all advisors at PensionMark will have access to the new technology. The firm has approximately 320 consultants, working with over 4,500 employers.
“The addition of the incentive application solves the biggest challenge we face as an industry, which is hiring employees,” Pensionmark CEO Troy Hammond said in a statement. “Now we can meet with employees wherever they are in their financial journey, whether they are just starting out or need complex financial planning.”
While Emoney’s leaders say they planned a white-label version of Incentives long after launching the original, it looks like the firm is finding the right formula for increasing users of the app.
EMoney has been swinging $5,000 in cash rewards for users who download the app since April 4, “to help us drive adoption,” said Lauren Plushke, a product lead at Incentive.
The app has so much flexibility with respect to the business model that sales-focused consultants have the option of charging for access to the app if they so choose, Grant noted. They can also offer it for free or bundle it in their advisory fee.
Vela said PensionMark doesn’t charge advisors for incentives. Pensionmark advisors, on the other hand, have the option to charge end clients for access to the app, if they so choose. “I haven’t seen consultants charge for this,” he said. “If they do, it’s already included in their advisory fee.”
The product team also wants to make the app more useful. By the end of the year, developers have plans to allow users to transfer money within the app. Right now, if a user completes a savings challenge, for example, he or she has to exit the app to transfer the saved money. The product team wants to make the functionality available within the app.