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Adviser appointed by academy trust for financial education

Adviser appointed by academy trust for financial education
 Credit: Karolina Grabowska from Pexels

Financial adviser Lifetime Financial has been appointed by an academy trust to provide financial education and guidance to its employees.

The appointment will see the adviser help Hoyland Common Academy Trust (HCAT) employees better understand their finances to make more informed decisions about their future.

HCAT is the adviser’s first client following the launch of its service for employers, which includes educational videos and seminars, as well as a personalised financial review.

The service comes at a cost to the employer, with prices starting at £1.50 per employee per month, depending on the size of the workforce.

Employees who wish to access full financial advice pay £149 (including VAT) for a regulated meeting to discuss their personal financial situation. Clients then have the option to address specific financial needs at the adviser’s normal rates.

Ian Dickinson, managing director at Lifetime Financial, said: “Our ambition is to enable everyone to have access to financial education and advice where needed.”

Andrew Wealthall, national business development manager at Lifetime Financial, added: “We hope and believe that other organisations will follow in HCAT's footsteps and commit to improving their employees' understanding of their benefits, which can often total more than the value of the homes in which they live.”

The adviser had been working on a business model that could serve and provide a wider market with financial education, understanding and ultimately advice if needed.

Lifetime Financial believes the financial advice model to be “broken”, as many are unable to access affordable and ongoing help.

Research for the Financial Conduct Authority published last year found non-advised consumers were unable to access ongoing, face-to-face advice at what they believe is a ‘reasonable’ price.

Tom Banham, chief executive officer at HCAT, also said that staff benefits were sometimes not fully understood.

He said: “[Rarely] does anyone understand how their employer provided benefits dovetail with their private provision, whether this is their pension, life insurance or any other benefit.

“We have therefore appointed Lifetime Financial to help our staff understand, and appreciate, how important their non-salary benefits are and enable them to make more informed financial decisions in the future.”

chloe.cheung@ft.com

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