Helping Employees Pursue Financial Wellness
– Employee Benefit Research Institute
– International Foundation of Employee Benefit Plans
Imagine the impact if every employee understood and appreciated the value of their benefits package.
The Financial Wellness @ Work (FW@W) program is a benefit that provides employers a comprehensive financial wellness program that is educational, interactive, and designed for your employee benefits plan.
Do your employees need help answering personal retirement questions like:
- When can I afford to retire?
- Am I maximizing my corporate benefits?
- Are my investments aligned with my goals?
If so, our Financial Wellness @ Work program is perfect to get them confidently going in the right financial direction.
“Twenty-eight percent of employees tell us that their health as seen impacted by their financial worries. Stress can have a direct impact on physical health, and employees report that financial issues cause them the most stress in their lives. Financial stress can increase healthcare costs for employers. In fact, by our estimation, it could cost an employer with 10,000 workers an additional $660,000 per year.”
– PWC Special Report: Financial stress and the bottom line
“A 1% annual reduction in the level of four health risks—weight, blood pressure, glucose, and cholesterol—has been shown to save $83 to $103 annually in medical costs per person… Preventable chronic conditions are a major contributor to the costs of insurance premiums and employee medical claims, which are at an all-time high and continue to rise. Employers also pay a high price in terms of lost productivity from employee illness.”
– National Center for Chronic Disease Prevention and Health Promotion
How Does It Work?
Employees will be guided by an instructor through a fun and proven process to build a personalized financial plan just for them. They will have the option to use the same robust software as our wealth advisors and all they need is the time it takes to watch a movie. Afterward, they will be well on their way to successfully answering those retirement questions with ease.
This Program Helps Employees:
✓ Assess their current financial situation
✓ Set specific goals for their future
✓ See the impact their choices have on their retirement goals
✓ Address the most common concerns that can derail one’s financial future
✓ Create a personalized plan that provides specific recommendations
✓ Become better educated—and more motivated—to fully utilize their entire employee benefit package
This is not your old-school boring money management seminar! The workshop is an interactive and stimulating experience to help your employees plan for their financial future. They will use the leading financial planning software to create their own unique goal-based plans.
Benefits to the Employer:
- Boost employee retention and morale by helping them understand the long-term value of their qualified retirement plan, as well as other benefits the company offers.
- Help pursue the Department of Labor (DOL) and ERISA education guidelines for retirement plan sponsors who choose to comply with ERISA section 404(c).
- Save time and money by utilizing our turnkey process to invite employees, register and record attendance, and document the delivery of the Department of Labor (DOL)-encouraged content.
- Improve the efficiency of employee education. For companies with more than one facility, we can provide instruction online for all, or in person at one location while other locations participate remotely.
- Increase retirement plan contributions from your highly compensated staff. As you motivate employees to increase their retirement plan contributions, your highly compensated employees (HCEs) may be able to invest more without your plan failing non-discrimination testing.
- Decrease potential retirement plan loans and hardship withdrawals. These distributions may lessen as your employees better understand the long-term value of their retirement savings.
Given the cost, you may be hesitant to provide employee financial education. But what is the cost of not providing it?
“29% of employees say that finances have been a distraction at work and 15% say that their productivity at work has been impacted by financial worries.”
– PWC 2018 Employee Wellness Survey
- Trusted Content
This is a holistic, comprehensive approach to handling money. The content is constantly updated to provide relevant guidance every step of the way. The software is powered by MoneyGuidePro and is easy to navigate and understand.
- Convenient Access
With our online option, we can reach every employee, at all locations, working any shift, and meet your scheduling needs.
- Comprehensive Follow-up
Your employees will have access to their financial plan for up to one year and the ability to update it as needed. We are here to provide help and communication every step of the way.
- Customized Content
Our program covers all topics, across all areas of financial wellness. The information can be customized to manage your unique employees’ needs and situations. It doesn’t matter if they are paying off debt, saving for their kids’ college, or investing for retirement, we can help them pursue success. All workshops also include HR Benefits and Employer Stock Options that are customized to you and your employees.
- Professional and Experienced Advice
After more than two decades of helping people with their money issues, Stoddard Financial has heard it all. Your employees will get professional advice on their real-life money questions with the option to schedule an appointment with a Stoddard Wealth Advisor.
- All-Inclusive Package
FW@W can be offered to all of your employees at the same time. When your entire company goes through the program at one time you not only increase your return on investment (ROI) but also employee participation rates increase. When employees are in a group setting it makes it easier for them to raise their hands and ask questions and not feel alone in their journey to improve their financial wellness.
We can come to you (Greater Boston Area) and present to your employees or we can set everything up through our exclusive online options.
Social Security Basics
Estate Planning Basics
Helping Elderly Parents
We suggest that they discuss their specific situation with a qualified tax advisor.
We can also cover additional topics like:
Starting a family
Ready to help your employees secure their financial futures? Ready to get ahead of the game?
Take the next step toward improving your employees’ financial well-being.
→ See It In Action
Complimentary access to the state-of-the-art retirement planning lab that lets you create your personalized plan.
→ Request Demo
Are you ready to see how we can help your employees take the next step in preparing for their financial future?
→ Request Pricing
You may think that this must be outside of your company’s operational budget, but we have options to fit almost any budget.