Initiative for Financial Wellbeing publishes 'Grand Plan'

The plan will highlight that IFW would like its membership to drive it, and to do so, all members must agree what financial wellbeing actually means. 

Initially, IFW will focus on investigating all aspects of financial wellbeing, developing tools that can be used by the planning and coaching community, and holding events, including a regional and annual conference.

In addition, the plan outlined IFW's future aspirations. This includes creating financial education materials for advisers who want to offer their time to help people improve their financial knowledge and to set up an arm through which advisers can offer pro-bono or low-cost advice sessions for those who cannot otherwise afford full scale financial advice. 

The manifesto will be sent to members on Friday (20 December). Those wishing to sign up can still do so by emailing [email protected].

Ovation Finance chairman and Financial Wellbeing Podcast presenter Chris Budd (pictured) told Professional Adviser: "Imminent is the grand plan of all the activities that we've been up to and that we plan to be up to and how people can get involved. This will be sent to anybody who has expressed interest."

Nearly 400 people have expressed interest in the IFW, which hopes to be the "body that defines financial wellbeing". 

Chris Budd: Four theories of happiness and wellbeing

IFW said it will only partner with companies that have wellbeing as an "integral part" of their business and set minimum standards and expectations for advice firms that wish to use IFW to demonstrate financial wellbeing is part of their service proposition. 

Elsewhere, Budd said three IFW partner members have "agreed in principle" to support the initiative. He said more information would be given on the partners "in due course". 

In October, IFW unveiled its executive team, including Henwood Court managing director Nick Platt, Magenta Financial Planning chief executive Julie Lord and Elite Financial Consulting adviser Karen Taylor. IFW, which launched in September, plans to support financial advisers, planners and coaches in helping their clients to be happier, not just wealthier.

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