What is Octopus MoneyCoach?
We’re your friendly partner in all things money! We give clients their own dedicated financial coach and a yearly personalised plan for your money. We show you how to make more of your money, how to reach your goals faster and a financial forecast all the way to retirement. Put all that together and you get total financial peace of mind. We want everyone, no matter how much or little they earn, to feel good about money.
How is it different from other financial apps?
There are so many great money apps out there (we use lots of them ourselves!) – but unlike nearly every other app, we give every client direct, 1-to-1 access to their very own money coach. No chat bots. No message boards. Your coach will get to know you and your goals, build a personalised plan and be on call whenever you need it.
What’s the difference between a financial advisor and a financial coach?
Ah yes. There’s financial coaching and there’s financial advice. Let us explain.
Our coaches will help plan your finances and make suggestions based on your goals … that’s coaching. And coaching is not regulated by the Financial Conduct Authority (FCA).
But our coaches will never recommend a specific company’s investment, pension, mortgage or insurance product … that’s advice, and that is regulated by the FCA.
However, as a company, Octopus MoneyCoach does have automated low-cost services, that can recommend specific financial products, and which clients are welcome to use. This is financial advice, and so we as a company are regulated by the FCA, even though our individual coaches are not.
Your coach will never make money from any products you choose through these services, which means they’re on your side and act in your interests alone.
Who is it for?
MoneyCoach is for anyone who wants to make more of your money and feel on top of your finances. While financial advisors are traditionally set up to help people with lots of money to invest, we’ve designed our service for everyone.
Here are just a few of the reasons we hear most often from clients:
“I want help buying my first property ASAP”
“I’ve got kids on the way and I want to make sure my finances are in order”
“I’ve got several big goals in mind and I want to check I’m saving for them all in the best way”
“I’m thinking ahead to retirement and want to make sure I’m going to have enough”
Do I have to be a UK resident to use Octopus MoneyCoach?
Yes, for the time being, you must be a resident and taxpayer of the UK to use our services. That’s because our technology and recommendations are all customised for the UK – including UK tax rules, legislation that applies to UK pensions and other guidance particular to the UK money system.
Can I try the service before signing up?
Of course you can! It’s really important that you feel comfortable with your coach and understand all the ways we can help you with your money plans. In fact, we give everyone (yes, everyone) one free session with one of our accredited coaches to make sure you get on, hear their initial tips and make sure the service is right for you.
What will happen during my first coaching session?
Your first session will last around 30 minutes.
First, your financial coach will get to know more about your current circumstances and any financial goals you have in mind. If you don’t have any financial goals, your coach will help you come up with some that are important to you.
Then, once your coach knows a bit about you, they will be able to suggest which areas of your finances most need attention, and highlight the opportunities and challenges in front of you. These will be general tips and tricks, as your coach will only be sharing their initial thoughts and hasn’t created a custom plan for you yet.
Finally, the coach will explain our full service and you can decide whether it’s right for you. If your circumstances are more complex or you need a specialist, then your coach will help you find the right help for you.
Can I meet my coach in person?
At the moment, all sessions are held via Zoom (or over the phone, if you prefer).
Can I bring my partner to my coaching session?
Yes! If your partner would like to join the session, they are more than welcome to do so. Your coach will view your finances as a whole, and there’s no additional cost for including your partner in a financial plan, if you choose to sign up to the full Octopus MoneyCoach service.