Octopus Money keen to work with advisers on guidance

"We see more and more employers understanding that their employees’ wellbeing has three parts: physical health, mental health and financial health."

Addressing Openmoney's struggles, Handcock said: "They had a different acquisition channel from us. Having worked in that space for a number of years, I have seen a lot of firms try and acquire D2C customers and it is hard to get the cost of client acquisition below the lifetime value of the client."

damian.fantato@ft.com