eMoney Advisor, LLC. (“eMoney”) builds interactive financial technology for advisory professionals and the clients they serve. Founded in 2000, eMoney now has over 360 employees located at its headquarters in Radnor, Pennsylvania, and its satellite office in San Diego, California. eMoney serves more than 40,000 financial professionals at 46 of the top 50 broker dealers, 50 percent of the top insurance companies, and many other investment advisors, banks, and financial planning professionals. eMoney is a majority-owned subsidiary of Fidelity Investments, a privately-owned investment manager with over 3,600 employees in Rhode Island, who acquired eMoney in 2015.
eMoney is proposing to create a new office in downtown Providence. Since eMoney does not have an existing presence in Rhode Island and it has unused finished space at its headquarters, it is costlier to create an office in Providence than to hire the new employees at its headquarters. The Providence office is expected to be staffed by at least 100 new full-time employees, including software developers, user interface and experience designers, quality assurance analysts, and associated management and support positions, with an estimated median annual salary of $80,000. eMoney plans to have its full team in place by 2020. In total, the Corporation is
recommending awarding the Company an incentive package consisting of tax credits under the Qualified Jobs Incentive Tax Credit Program and a grant of up to $97,500 from the First Wave Closing Fund.
- The Commerce Corporation is recommending a total incentive package consisting of Qualified Jobs Tax Credits and a grant allocation from the First Wave Closing Fund.
– The recommended term of the tax incentive agreement is ten years, and eMoney has indicated that it will commit to maintaining the new jobs in Rhode Island for at least the twelve years required.
– The total credits are anticipated to be approximately $3.16 million based on the projected hiring of 100 employees.
– The Company is eligible for a $97,500 grant from the First Wave Closing Fund. This grant can fund office fit out and support eMoney’s attraction of talent to the Providence office.
- Based on a third-party analysis, over the twelve-year period, Rhode Island is projected to realize a net increase of over $4.5 million in personal income, sales, and business corporation taxes resulting from 100 new hires, as well as an increase of $25.8 million in Rhode Island’s annual GDP starting in 2020 attributed to eMoney’s ongoing operations.
Economic Impact Analysis
PBN: Commerce RI approves $3.3M in incentives for eMoney Advisor
Providence Journal: Tech firm seeks $3.3 million in tax credits; plans move to R.I.