Frequently Asked Questions

Some of the questions we get most often from employers who want to launch financial coaching to their workplace.

What is financial coaching?
Glad you asked! Financial coaching helps you figure out what’s really important to you and then what to do with your money to make it happen.

Coaches are trained in all the fundamentals of personal finance – from ISAs to pensions – but they’re also trained to listen, help you define what’s important to you and support you to make progress.

Unlike other forms of financial education, it starts with you and what you want. It’s so much easier to learn about money and to build new habits, when it’s connected to what you really care about.

What’s the difference between financial coaching and financial advice?
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.

What are the most popular features of financial coaching?
The most popular features from Octopus MoneyCoach are the ability to:

  • Regular catch-ups with your coach throughout the year
  • Get a visual, year-by-year forecast of your money, all the way to retirement, so you can be confident making bigger financial decisions
  • Find out exactly how much to save, invest and put into pension to reach your goals
  • Keep track of the money “to dos” you decide with your coach
  • Add your partner’s finances at no additional cost

How is MoneyCoach different from other financial coaching services?
We’re proud to be one of the most established financial coaching services in the UK. We’re FCA-registered for Financial Advice and an Associate Firm of the Personal Finance Society.

Take our word for it…financial coaching is difficult to do properly. We have been built from the ground up to do just that – deliver the very best financial coaching at the best price possible.

We’re building the UK’s biggest and most diverse community of accredited coaches, which allows us to support companies big and small. (Several of our UK workplace partners have more than 10,000 employees.)

Our clients get dedicated access to their coach, with catch-ups every few months.

Our coaches use professional-grade planning tools to build a personalised plan and action list for every client.

We take direct and ongoing responsibility for training, supervising and monitoring all of our financial coaches – that means clients aren’t passed on to an unknown party for coaching.

Other providers may also use financial advisors who may be incentivised to offer specific financial products to employees. So it’s always worth asking if their coaches get paid to sell financial products. Our coaches never recommend specific products, so you don’t have to worry about the liability of giving bad advice.

Finally, you can trust that we have long-term stability and backing because we’re part of the Octopus group.

Do you provide financial content in addition to coaching?
Yes! We also have a regular webinar series plus a library of short form written and video content that can be shared with employees by email, messaging or a company portal.

But let’s face it – most financial content is really boring. We think there’s too much information and not enough personalisation. So most of our content is built around the big goals and milestones in an employee’s life. From getting a bonus to getting on the property ladder and starting a family – all of our content starts with topics employees actually care about.

Are you FCA-regulated?
Yes. However, our coaches do not provide regulated “financial advice.”
How do your fees qualify for tax-efficient salary sacrifice?
In 2017, a bill was passed allowing an employee to receive up to £500 p.a. of ‘pension advice’ as a non-taxable benefit. Check out EIM21803.