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Employers Go All In On Financial Wellness

Karl Holmlund

Just how important is financial wellness?

It’s critically important and growing more so by the day.

That’s the headline takeaway from Bank of America’s Workplace Benefits Report.

Financial wellness programs are now offered by 53% of the firms surveyed, twice the number from 2015.

It’s great to see executive teams embracing financial wellness. As a financial wellness provider to the Fortune 1000, we’re even more pleased because our enterprise-class platform is totally in synch with what employees want, according to the survey.

BrightPlan Fits The Bill

Employees told BofA the following five features are most valuable in a financial wellness program:

  1. Advice from a professional, such as a financial advisor, planner or accountant
  2. Information on financial topics separate from 401(k) education
  3. Availability of financial products/services that help employees
  4. Review/evaluation of employees’ individual financial situations
  5. Online financial tools or calculators, such as debt payoff, car/mortgage payment or college planning tools

So how does that match up with BrightPlan’s offering? Let’s go point-by-point.

No. 1: Advice from a professional, such as a financial advisor, planner or accountant

In addition to its digital advisory platform, BrightPlan is supported by a team of seasoned financial advisors from our sister company Plancorp, a Registered Investment Advisor with more than $4 billion in assets under management. BrightPlan makes it easy for employees to schedule time with a Plancorp advisor directly through the BrightPlan app. Plancorp, like BrightPlan, acts as a fiduciary, which is a legal and ethical obligation to always put the interests of clients first. When employees face a life change or financial challenge, a Plancorp advisor is there to help.

No. 2: Information on financial topics separate from 401(k) education

BrightPlan’s approach to financial education is a key differentiator, providing guidance that is actionable within the BrightPlan app. We provide financial education through multiple resources - videos, articles, webinars, seminars, face-to-face meetings with employee groups, among others. Perhaps most important is that the platform itself is intended to foster cumulative learning about personal finance. The BrightPlan Financial Wellness Coach™ guides employees step-by-step to create a personalized financial plan, building knowledge of personal finance at each employee's own pace. BrightPlan gamifies the path to financial well-being and continually measures an employee’s progress. The depth of information offered by BrightPlan turns employees into confident, capable financial managers. We’re unique in that regard.

No. 3: Availability of financial products and services

The comprehensive nature of our solutions stems from our conviction that a financial wellness solution must address every major aspect of personal finance. BrightPlan provides complex financial planning services, including debt management, budgeting and savings strategies, as well as investment advice and automated investment management. Plancorp advisors provide personalized advice and guidance, and assist employees with more complex needs, like estate planning, tax planning, and insurance. We also help individuals evaluate their 401(k) choices and make personalized investment recommendations in the context of their broader plan and accounts at other financial institutions. We help individuals just beginning their journey to financial wellness to those already well along the path.

No. 4: Review/evaluation of employees’ individual financial situations

BrightPlan delivers real-time information about an individual’s financial situation, so they can review or evaluate their progress any time they want. Through BrightPlan’s mobile or desktop app, an employee always knows where they stand. Using BrightPlan’s goals-based planning functionality, individuals can easily tweak their financial goals to accommodate major life changes. For example, if a student loan is paid off and the goal is now saving for a home down-payment, BrightPlan will do the modeling and automatically update the plan. Or, an employee can always talk with a Plancorp advisor. BrightPlan provides complete, transparent information to measure progress on the road to financial well-being.

No. 5: Online financial tools or calculators, such as debt payoff, car/mortgage payment or college planning tools

BrightPlan’s digital platform transforms the offline process of personal financial management. Through its Smart Budgeting and debt reduction capabilities, BrightPlan delivers financial modeling capabilities to create an ongoing budget and intelligently reduce debt. For example, users can calculate the amount of interest being paid on loans and know exactly when it will be paid off under different scenarios. Leveraging BrightPlan’s AI and cognitive computing, the platform also simulates multiple scenarios in any other aspect of an individual’s financial life.

Let’s Work Together

Want to know how BrightPlan can improve employee recruitment, retention and engagement, while positively impacting the bottom line? Please contact me at

Karl Holmlund is Senior Vice President of Sales of BrightPlan.