Share what you know with millions of people
Focus is the best place to turn what you know into remarkable content
0
How beneficial is it to provide financial advisors as part of my employees' benefits package?
Is this something that I should provide for them as a part of their benefits, or should it be their responsibilities to find their own advisors?
Events
- Dos and Don'ts of Small Business Marketing May 29 @ 11 am PT
- Lead Nurturing 202: The Next Generation May 31 @ 11 am PT
- The Tricks to Paid Media June 6 @ 11 am PT
- Display Advertising for Brand Awareness June 20 @ 11 am PT
Related Activity
3 Answers
I operate in an adjacent space and have no financial involvement in this industry. I do feel that financial education is important to employers in areas where it helps them increase the return on their investment in benefit dollars spent on employees.
My understanding is that there are some educational requirements related to the fiduciary duty and liability inherent in offering employer sponsored retirement programs that get most employers to put some horsepower behind financial education.
In addition, there are enrollment firms that will sit with employees to help tactically understand their enrollment options and personal needs. These enrollment firms offer these services on the hope that they can up sell employees on other services (crtiical illness, life, disability, LTC and managing assets outside the employer)
Finally, I have seen research that suggests that there is a chunk of employees who need, value and will take action on financial educational opportunities provided they are delivered in a fashion that clearly communicates independence and competence. The folks who offer these educational services I am sure could give you the stats.
My evolving opinion is that employers spend a good deal of their money on 'benefits' that employees clearly don't understand in market terms. Why are employees always so surprised at the 'high cost of COBRA'. COBRA isn't expensive, medical insurance is expensive.
So, I would like to see advisors get better at giving employers tools so that employees can opt into employer programs because of the huge cost advantage to the employee:
- Medical: Employer plan costs you $50, retail plan costs you $1200
- Life: Employer plan costs you $12, retail plan costs you $75
- Disability: Employer plan costs you $0, retail plan costs you $250
Hope that helps.
That is a very good question. My company thought this would be a good benefit so we made Financial Advisors avaiable as a benefit. We offer group classes as well as one on one and we have found that most folks donot take advantage of this so called benefit.
For some reason many are hesitant to use the Advisors and prefer to use their own experts. Do they think "big brother" is watching? are they fearful of losing confidentiality??
Who know but only about 25% of our folks take advantage of this benefit.
John,
Having someone come into your shop, that you trust, who works with the type of clients your employees are, IMO, is a great benefit. So too is an accountant, etc.
Maybe having a personal development series, based on topics your staff wants to learn about.
I know that once I was brought into a mortgage company, as part of their business development series to to a program on business planning. Another time, in another company to do a networking program.
And I was privy to many internal management classes when I worked for a company.
Your employees are lucky.
Maria
Answer This Question