AMV uses financial advice to boost pensions understanding and financial wellbeing

In 2007, Advertising agency Abbott Mead Vickers BBDO (AMV) started working closely with benefits broker Connor Broadley to offer education around pensions and other financial matters, using staff surveys to discover what topics employees would be interested in learning about.

Since then, employees have been able to book appointments with representatives from Connor Broadley, who come into the organisation’s London office once a month to provide face-to-face guidance.

Kelly Knight, HR director at AMV, says: “The guidance itself is free, but if there is a charge for any actions that come out of it then Connor Broadley makes [the employees] aware of it. We get around 20 people every month, out of an employee base of about 450.”

Over the years, employees have received information around topics such as inheritance, purchasing second homes, will writing and debt management, as well as the organisation’s pension offering.

On the subject of pensions, staff can learn about the tax implications of their contributions, details on the default fund offered by AMV, the contribution and withdrawal options available to them, and how their pensions are impacted by moves abroad.

The guidance available to staff also links to the organisation’s other existing benefits, which include will writing, debt management services and insurance products such as private medical insurance (PMI).

More than half of the AMV workforce is under the age of 34, and many would be unlikely to access such help were it not facilitated by the business. “It’s two things: one is they’re not in the financial position to pay for guidance, but also they’re time-poor,” says Knight. “Having [advisers] come into the office is really helpful.

“We want a happy and engaged workforce that can give us their full attention while they’re at work,” she explains. “Financial wellbeing is one thing that can help us achieve that.”