Companies offer benefits to their employees to attract better employees. It’s also a way to encourage good employees to stay. The range of benefits has expanded to include financial wellness.
Financial wellness is becoming an important priority for many companies. Money troubles can distract employees from their jobs. Merideth, Inc., publisher of such magazines as Better Homes and Gardens and Ladies Home Journal, does more than offer employees a 401(k). It reimburses eligible employees for the services of a financial counselor.
A number of companies help their top executives as well as their over-50 employees with their financial planning. They realize that they don’t want these experienced, highly paid employees to spend their time studying investment guides or wondering how to invest their retirement plan. Employees who suffer from money worries get sick more often, do not perform as well, and are apt to be absent. By offering to pay the fees of a financial advisor, these companies – for a relatively modest investment – reward their employees and boost productivity.
The typical company offers workshops for their employees, being careful that these meetings do not turn into a sales pitch. If an employee decides that they wish to work with a particular financial advisor, they sign a separate form stating that they are entering an agreement separately, not as part of a company sponsored solicitation.
The advisor is almost always fee-only and often an independent RIA (Registered Investment Advisor).
If your company wants to offer financial wellness benefits, contact us.