Financial wellness programs and providers are becoming more commonly requested by employees. Many 401(k) providers and large insurance brokers offer some sort of financial wellness component, such as an Employee Assistance Program (EAP). Unfortunately, they tend to have very low utilization because of their poor design, impersonal customer service, and tendency to focus on retirement as opposed to issues more employees deal with. Employees are looking to improve their financial health by seeking advice on other financial concerns, such as debt management and budgeting. In addition, many “financial wellness” programs offered by large institutions are designed to get employees to allocate more money to the services they provide, an inherent conflict of interest that employees can sense.
Below is a list of the top five financial wellness programs in 2019:
- Holberg Financial
Who They Are: Holberg Financial is a financial wellness company founded in 2015 by Joe Holberg. After noticing the majority of his colleagues at both Teach for America and Google had loads of financial stress and nowhere to turn with their questions, Joe recognized the need for an unbiased financial guidance service for average, working Americans. Now with a growing team of financial coaches and engineers, Holberg Financial is supporting over 4,000 employees across the United States.
What They Do: Holberg Financial provides their users with one-on-one financial coaching and access to their online financial education platform. On the platform, users receive a financial health snapshot based on their current data, along with setting and tracking progress towards the financial goals that are most important to them. The platform contains curated learning modules that are personalized to each employee based on their financial goals and concerns.
Why They’re #1: Holberg Financial is the highest rated financial wellness program on several review sites, like G2, and for good reason. Every financial coach who works at Holberg Financial is not only a FINRA-registered Investment Advisor Representative, but also a former educator. By employing former educators instead of career finance professionals, HF has the advantage of communicating with users about personal finance in an approachable and empowering way that gets real results and outcomes. In addition, because HF is a benefit provided by employers, all resources are 100% free for employees to use. Finally, HF truly unbiased and independent meaning they aren’t affiliated with any large financial institution, so employees don’t need to worry about coaches selling products, making commissions, or doing anything other than what is in their best interest.
Signing up is easy – schedule a time to speak to a team member here.
Who They Are: GreenPath, founded in 1961, is a national nonprofit and financial wellness program whose mission is to empower people to lead financially healthy lives. They support people through their financial crises, like debt, foreclosure, bankruptcy, and other personal finance topics.
What They Do: GreenPath offers employees access to a variety of services. They provide financial advising, giving employees guidance as they manage their credit debt, develop financial plans, and budget. GreenPath offers educational resources to help employees reduce 401(k) loan use, manage school debt, and handle housing concerns. GreenPath offers on-site events for employees to learn more about managing their finances in an in-person setting, with the ability to ask questions and get more detailed information.
3. Financial Finesse
Who They Are: Financial Finesse was founded in 1999, making it one of the oldest financial wellness providers. Financial Finesse has impacted employees of all walks of life in the last 20 years and have proven that when delivered effectively, an ongoing financial wellness benefit can transform the financial future of both employees and the organizations they serve.
What They Do: Once Financial Finesse understands an employees challenges and goals, they design a holistic employee experience that delivers unbiased financial advising when and where employees need it and in their preferred learning style. All of their financial advisors are Certified Financial Planners, having spent their careers in finance and obtained a certification on estate planning.
Who They Are: Questis is a platform that allows retirement advisors and financial service providers to easily deliver personalized financial wellness programs to their plan sponsors and participants. Founded by experienced financial advisory professionals, Questis has career financial professionals who are available to advise staff.
What They Do: Questis has online lessons and content to educate users on a variety of financial topics. By targeting larger organizations, Questis attempts to deliver scale by getting their content in front of as many employees as possible.
Who They Are: Enrich Financial Wellness is a top financial wellness provider that works to educate people on the latest strategies for personal finance, health care, and retirement. With these tools and resources, employees can make educated decisions at each step of their lives.
What They Do: Enrich offers a variety of published research documents showing the importance of financial literacy education in the workplace. They also provide a list of best practices for your specific financial wellness platform. They also offer webinars on a variety of financial topics. You can customize various features of the Enrich platform easily to turn specific modules on or off, or to publish custom videos to your company’s Enrich site. Finally, employees have the opportunity to talk to career financial advisors on the phone, so they can get financial advice from a live support center.
By providing a financial wellness benefit that is solely dedicated to improving the financial health of each individual employee, companies are able to improve culture, reduce employee stress, and increase retention over time.
Learn more about the impact of adding a financial wellness benefit to organizational culture and productivity here.