VouchFor has launched a new service that allows people to claim £500 salary sacrifice for money spent on financial advisors. This will mean that people could save as much as £310 on fees each year.
To get involved in the new scheme, advisors will need to register with VouchFor and input the client’s email address. This will send an invite to the saver asking them to collect their vouchers to give to their employer.
November’s Financial Act allowed the launch of the scheme. This act stated that employers can reimburse employees for the first £500 each year that they spend getting financial advice. This will be treated as a tax-exempt benefit that is eligible for salary sacrifice.
When all the financial advisors act together and join forces through this innovative new programme, it means that more people can access advice. It will also make the process of obtaining financial advice much more affordable.
In the past, getting advice on finances has often been an expensive process, and workers have been keen to simply go ahead with their company’s workplace pension scheme without finding out more about pensions and investments. The process of investigation was not only difficult and confusing but also costly.
Thanks to this new scheme and VouchFor’s new software for financial advisors, more workers will be able to learn about pensions so they can safeguard their future by taking care of their money.
Despite the new legislation allowing the scheme, just 74 percent of financial advisors are aware of it at the moment. In addition to this, only 10 percent have actually acted on the new legislation and joined up with VouchFor or another company offering similar financial services.
Reduced Administrative Work
One of the drawbacks for companies is the administrative work involved. VouchFor aims to do much of the work to make it easier for companies to get involved. It only takes a second for advisors to log in to the system and invite their clients to claim their voucher, reducing administrative work and making this an exciting piece of software for financial advisors.
Once the scheme has been rolled out fully and more people are aware of it, it is sure to take off, and vouch for is looking to lead the way for a new, more accessible financial future.