The company has expanded its moneygym online tool – which enables users to track retirement savings, pensions and property investments – to include a free virtual assistant video service.
Users will now be offered guidance on all aspects of retirement planning, including tax and regulation, through the virtual assistant.
Steve Watson, commercial director at Portus, said: “Independent financial advice is valuable for some people, but the majority of employees cannot afford it.
- New consumer report slams robo-advice
- PRA receives 13 banking licence applications
- Only 2% of brokers expect BoE base rate increase in first half of 2017
“Financial guidance does not have to be complicated, and it should not involve throwing every aspect of retirement planning at users and leaving it up to them to make complex decisions.
“The aims of the virtual assistant and moneygym are to increase engagement with pensions and other investments, and to enable employees to see all their assets in one place and plan their retirement with everything in view.”
Moneygym uses employees’ confidential and secure financial information to predict long-term income and can make changes to alter the outcome.
Portus estimates that around 80% of employees will be able to make retirement planning decisions based on the virtual assistant guidance, reducing the need for employers to fund advice in the workplace.
So far, moneygym has been purchased for more than 6,000 employees.
Leave a comment