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How BrightPlan Enables Your Employees to Manage Financial Challenges During the COVID-19 Crisis

Larry Robinson, Chief Product Officer

The COVID-19 crisis is a major health threat not only to society as a whole, but also to your employees and their families. The financial stress caused by the pandemic is also one of the most challenging financial situations they will ever encounter. 

BrightPlan was created to help with the many financial issues that employees may be facing:

  1. Managing emergency savings -- whether to draw down their rainy day fund or retirement savings to make ends meet
  2. Adjusting budgets and spending to preserve cash during economic uncertainty
  3. Determining whether their long-term financial plan and retirement is on track
  4. Deciding whether now is time to refinance a mortgage, student loan or other debt
  5. Revisiting estate planning to be sure the right plan is in place


BrightPlan’s digital platform and seasoned team of financial advisors helps employees address all of these issues and many more. Here’s how our total financial wellness solution specifically addresses the challenges above.

BrightPlan Financial Wellness Coach helps employees determine if they are still making progress. The Financial Wellness Coach continually updates the personalized financial plan created by your employees. This capability is especially relevant now following the sharp drop in stock prices. For example, the Financial Wellness Coach can stress test thousands of different market scenarios, including varying levels of volatility. This sophisticated Monte Carlo analysis can also answer another top-of-mind question: Should an employee increase their 401k contribution to dollar-cost-average and further build retirement resources?

Smart Budget and Spending Analysis functionality in BrightPlan is particularly useful because many employees are rethinking their budgets. According to a Rand study after the Great Recession, nearly three-quarters of respondents reduced their spending. Your employees will likely do the same, and the easy-to-use budgeting and spending analysis in BrightPlan makes this easy.

Financial advisors have played a key role in working with employees through the current crisis. Market panics tend to lead to poor investment decisions, including selling positions when prices have fallen. That’s exactly when a seasoned financial advisor acting as a fiduciary is most valuable. A financial advisor offering objective, independent advice can also raise sensitive issues people would rather avoid.

The Employee Financial Wellness Score in BrightPlan is a barometer of an employee’s financial well-being. In the current environment, it can also be a telling indicator of an employee’s stress level. The Employee Financial Wellness Score is a numerical value based on a 500-point scale. The higher the score, the greater the employee’s financial well-being and the lower the individual’s stress level is likely to be. To see the big picture, the Employer Financial Wellness Score uses anonymous, aggregated data from those participating in BrightPlan to understand the financial well-being of your entire team. Our solution provides employers with anonymous data and insight that can be used to offer new education, benefits and programs to employees.

Times like these are moments that matter to employees. Organizations that take care of their people will benefit by having happier, more productive and more loyal employees.

Our Call-To-Action In Moments That Matter

BrightPlan’s solution is being offered free during the COVID-19 crisis. To make BrightPlan available to your employees in 14 days or less, please click here.

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