eMoney Launches Incentive, A New Financial Wellness App

Financial advisor technology firm eMoney Advisor announced Monday its new mobile app aimed at helping people save for retirement. 

The app, called Incentive (and formerly known as Project Avocado), is available through retirement plan advisors and sponsors who can then make the app available to clients and prospective clients. Incentive is currently in beta with six advisory firms and will be widely available in January 2021, according to the company.  

“Incentive helps advisors introduce planning topics at scale and encourages small behavioral changes today...that can add up to much larger impacts to your financial picture tomorrow,” said eMoney Head of Product  Jess Liberi.

eMoney hopes the app will improve financial literacy and help people with a range of topics including budgeting, paying down debt, saving for a new house, and retirement planning. The app tells users whether they are on track in five areas of financial planning: retirement, emergency savings, budget, debt, and insurance. For users who are off track in any of those areas, the app provides actionable next steps. 

The launch of Incentive comes on the heels of a recent survey from eMoney, which found that 73% of Gen Y and Z respondents are comfortable using a personal digital assistant for financial advice, compared to 38% of Gen X and Baby Boomers. 

Though the app is currently only available through financial advisors, Liberi said eMoney envisions it will have broader use cases in the future. In that same survey, over 60% of advisors said they see the importance of or are currently talking to clients about topics other than financial health, such as mental and physical health.