Select Page

If you are an employee, you have come to expect health insurance and a way to save for retirement through your employer plan. Large fortune 500 companies are more likely to offer these programs than a local small business. While employees have access to benefits that can improve their financial lives, most still do not have the level of financial literacy that would help them take advantage of these programs and plan for a successful retirement.

Here’s just a few statistics from a 2017 PWC study on financial wellness:

  • Nearly 1 in 3 employees reports that issues with personal finances has been a distraction at work.
  • 46% of those who are distracted by personal finances spend 3 hours or more at work each week thinking about how to handle the issues.

These statistics don’t surprise me. You can’t turn on the news without hearing about wage stagnation in the middle class. Students are graduating with increasing amounts of student loans. Home prices are nearing record highs and if you have a child, the average cost of infant care is $14,000/year in Maryland compared to in-state college tuition of $10,000 according to the Economic Policy Institute. With all of this financial stress, employers are turning to financial wellness programs to help their employees plan.

As a financial advisor who understands these concerns, I have not met many employees with access to quality, independent financial guidance to steer them in the right direction. This is why Planning Solutions Group is enhancing our financial wellness program to help employers boost productivity and employees feel more confident in the decisions they make, while encouraging them to make small steps to improve their financial situation.

While these wellness programs are available to the largest companies, small and mid-sized businesses have been reluctant to offer this program to their employees due to cost. Over the past several years we have worked with several businesses on customized programs to offer some of the following benefits:

  • Face to Face meetings with a Certified Financial Planner to provide objective and independent advice. Spouses are encouraged to join the meetings.
  • Retirement modelling projections to provide confidence and help employees better plan for their future.
  • In depth investment analysis of a client’s overall savings including both spouses retirement plans and outside savings to compare your investment strategy with your overall retirement plan needs to minimize risk.
  • Gap analysis planning to determine areas that are being ignored such as estate and insurance planning.
  • Optional access to our PSG Dashboard client portal to track net worth, spending, goals, and much more.

Best of all, we have offered this program to employees 50 and over as a free service! The employer benefits because the employees spend less time thinking about their personal finance challenges, employees are more likely to make incremental improvements such as increasing 401(k) contributions, and they become more likely to focus on work with their future goals defined. As a result of working with a Financial Planner through the workplace, many employees inevitably decide to continue the relationship outside of work and become a client of our firm. This only happens when we have proven ourselves to be independent, competent and a valuable resource to the employee’s family.

Finally, we are excited to be introducing new features (screenshot below) to our client portal that will give client’s access to their own personalized Dashboard that tracks spending, net worth, progress towards goals and overall financial health.

If you are an HR professional looking to offer new and exciting benefits to your executive staff, please reach out to us to find out more about how we can help your company attract and retain the best and brightest.

*   *   *   *   *   *   *   *   *   *   *
Steve joined Planning Solutions Group in 2015 and specializes in providing comprehensive financial plans to high-net worth individuals and families. During his career he has realized that his true passion is for building long-term relationships with clients and helping them through the various financial challenges they may face. Steve’s mission is to act as a true advocate for his client’s financial well-being. Prior to joining Planning Solutions Group, Steve spent four years as a CERTIFIED FINANCIAL PLANNER™ with Keeney Financial Group in Columbia, MD. He has also had the privilege of working for Convergent Wealth Advisors, Legg Mason and NVR, Inc. Steve currently holds the prestigious CFP® designation and has his FINRA series 7 and life and health insurance licenses. In addition to providing clarity and confidence in all financial matters to his clients, Steve is passionate about giving back to the community. He currently lives in Baltimore City with his new wife and spends his free time rock climbing, travelling, cooking and volunteering with The Associated, a Jewish Philanthropic organization. To email Steve:sstern@psgplanning.com