A South Yorkshire-based financial planning firm, Lifetime, is preparing to introduce a range of free financial advice tools and resources through its app and website. The primary goal is to offer assistance to individuals from various socio-economic backgrounds, including first-time buyers, those nearing retirement, and individuals facing the challenges of the cost of living.
William Bottomley, the director at Lifetime, has articulated the company’s intention to initiate a national conversation regarding the inadequacies of the financial services industry in meeting the needs of a vast majority of the population. He has underscored the fact that existing solutions are failing to adequately support the majority of individuals, except for those at the very top of the earnings spectrum. This, he has stated, is a disservice to the majority and necessitates a comprehensive dialogue to address the issue.
The company is also preparing to launch financial planning resources specifically tailored for young families and children, including the availability of children’s stories on the app. The free app is scheduled for launch in January 2024.
Bottomley has highlighted that only 8% of the UK population avails the services of a financial advisor, leaving the majority to make significant financial decisions influenced by unreliable sources such as hearsay or unverified online information. As a result, the company aims to provide educational tools to empower individuals to make informed decisions. With the goal of enhancing financial literacy, these tools will equip people to make sound choices and seek professional financial advice when necessary.
Andrew Wealthall, Lifetime’s Chief Operating Officer, has emphasized that their free services are not designed to prompt or coerce individuals into making purchases. He has assured that the company’s primary focus is on providing accessible and invaluable financial education. A subscription service will also be available for £4.99, offering access to workshops, webinars, and personalised financial planning.
In addition to the launch of these free and subscription-based services, Lifetime has also revised its business model, moving towards providing financial planning help to a larger number of clients at an affordable price, as opposed to the traditional approach of catering to a select few at exorbitant costs. By doing so, they hope to establish long-term relationships with clients and ensure the accessibility and affordability of their services.
With a history of leveraging technology, Lifetime is poised to extend financial planning services to a wider audience through online platforms, a departure from the traditional limitations of in-person consultations. By embracing technology, the firm anticipates not only servicing a larger number of clients but also ensuring its own profitability by operating at scale.
The company is also working on contracts with various businesses to offer financial planning services to their employees through the app, with negotiations at an advanced stage with a major Yorkshire council, a large retailer, and a fast food company.
In conclusion, Lifetime’s initiative to provide free financial advice tools and educational resources is a commendable effort towards promoting financial literacy and accessibility. By leveraging technology and reimagining their business model, the firm is poised to make a significant impact in addressing the financial planning needs of a wider demographic, ultimately contributing to a more financially informed and empowered society.
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