Total Financial Wellness is the comprehensive approach to the financial well-being of your employees. However, selecting and implementing the right solution is not easy. There are four key challenges employers experience when searching for a Total Financial Wellness solution:
- Fragmented Solutions
There is a lack of trusted and integrated digital and human advisor solutions that give employees the best possible path to financial well-being. Instead of having one place to get answers to all of their most pressing financial questions, employees for example, need to go to one solution for retirement and 401k questions, another for student loans, and yet another for starting emergency funds.
Fragmented solutions also make it harder for HR leaders to measure and manage all of the various benefits solutions they offer their employees, resulting in a hesitancy to implement new solutions.
- Incomplete Financial Wellness Program
The inability to offer a comprehensive Financial Wellness solution that covers all employees’ financial needs is a gap for many employers. Employers are also looking for a way to unite their various financial benefits and address the gaps that are creating challenges for their employees.
- Underutilization of Benefits
The underutilization of benefits is a primary frustration voiced by employers and HR leaders. Laying out compelling and helpful benefits for your employees is hard work, but the data shows that employees are leaving money on the table by not fully understanding or utilizing their benefits.
- Disjointed Experience
Employees most often don’t have a solution that unites all their financial resources. Without an overarching financial plan that is based on their personalized goals, they struggle with a disjointed experience - juggling different technological platforms or working with various advisors who can only speak to a subset of their financial needs.
BrightPlan addresses these challenges through four key pillars- Learn, Plan, Invest and Manage.
Four Pillars of Total Financial Wellness
BrightPlan’s solution combines a digital platform with experienced financial advisors.
BrightPlan’s digital platform provides employees with financial education, the ability to create a personalized financial plan, and a place to manage and measure their finances in a single place.
The desktop and the mobile app become an employee’s home base for everything personal finance-related. This digital platform is a compelling way to drive engagement with the benefits you offer and encourage better financial outcomes.
The four key pillars:
Learn
BrightPlan was founded with the belief that there is a need to address the financial literacy gap of employees. Education isn’t enough, but it is the first step. Education helps employees answer their most pressing financial questions.
However, a Financial Wellness solution should not stop with information. Whatever they’ve learned needs to motivate employees to act.
BrightPlan’s digital platform provides learning through videos, articles, and webinars that can be found in the BrightPlan Academy within the app. This is designed to answer the finance and money questions your employees have.
Education with BrightPlan is short, engaging, actionable, and positive.
Plan
There are plenty of financial products that your employees may already be using and they don’t need yet another one to add on top. What they need is a plan that will unite all of their benefits and mobilize them to achieve their financial goals .
BrightPlan’s Financial Wellness Coach helps employees build their plan one step at a time. As they create goals such as retirement or building an emergency fund, they will start seeing tangible progress.
Invest
A critical element of the BrightPlan platform is investing. It’s near impossible to meet financial goals like retirement, setting aside emergency funds and buying a home without investing your money. Providing access to sound investment advice as an employer can set you apart.
BrightPlan is the first financial wellness solution certified for fiduciary excellence. BrightPlan is an SEC-registered investment adviser that only offers digital investment advice to US residents.
Manage
While learning, planning, and investing are all ongoing commitments, management, on the other hand, is a day-by-day action they have to take. By investing in a Total Financial Wellness solution, you are helping your employees stay organized with things like budgeting and goal progress reports, ultimately taking the necessary steps to make real financial progress.
Since BrightPlan offers a mobile app, it grows, and goes, with your employees. From the day they register, they can get rich data on their net worth, spending, budget, and Financial Wellness Score. As they take action, your employees will get to see their plan change dynamically, giving them better insights. With the aggregated data from employees, you are able to look at what is happening across your employee base. This includes data on your employees’ emergency preparedness and retirement readiness. With this data, you’re able to see the overall financial health of your workforce, helping you to determine which benefits to prioritize for your employees.
BrightPlan is the first financial wellness solution certified for fiduciary excellence. BrightPlan is an SEC-registered investment adviser that only offers digital investment advice to US residents.
Human Touch
An excellent Financial Wellness solution wouldn’t be complete without financial advisors your employees can turn to for answers to their personal finance questions.
BrightPlan’s financial advisors are from our sister company, Plancorp. They’ve specialized in financial planning since 1983. Their team is made up of Certified Financial Planners™ that work with employees every day to help them reach their financial goals.
Get the BrightPlan Advantage Today
If you’d like to learn more about our Total Financial Wellness solution, contact us today.
BrightPlan LLC is an SEC-registered investment adviser that only offers digital investment advice to US residents. Financial advisors are from Plancorp LLC, an affiliated SEC-registered investment adviser. Registration does not imply a certain level of skill or training nor does it imply endorsement by the SEC. Please see the BrightPlan and Plancorp ADVs for additional important information.
BrightPlan is certified by the Centre for Fiduciary Excellence, LLC ("CEFEX") as having met their standards for Fiduciary Practices for Investment Advisors. The CEFEX assessment process is used to determine whether an advisor meets the global fiduciary standard of excellence (the "Fiduciary Standard") as defined by the Prudent Practices of Investment Advisors (U.S. Edition) handbook published by Fiduciary 360 (fi360) (the "Handbook").
