How Financial Planning is Redefining Employee Benefits
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How Financial Advisors Can Strengthen Employer Partnerships and Expand Their Client Reach Through Workplace Financial Planning
As the landscape of employee benefits continues to evolve, financial planning remains one of the most significant yet underleveraged tools in addressing workplace challenges. At Schwab IMPACT 2024, I had the opportunity to discuss how financial advisors and employers can align their efforts to tackle financial stress, support employees, and drive measurable outcomes for their businesses.
The insights I shared stem not only from industry observations but from practical experience within our own firm—both as a provider and as an employer ourselves.
Understanding the Opportunity
According to BrightPlan’s 2023 Wellness Barometer Survey, Employees on average reported losing more than seven hours of productivity each week due to their financial stress, costing U.S. employers $183 billion annually. While employers recognize this issue, most are hesitant to take on the administrative burden of managing individualized solutions. This leaves a substantial gap that financial advisors are uniquely positioned to fill, offering scalable, meaningful benefits that address both employee and employer needs.
For advisors, the potential is twofold:
1. Deepen relationships with employers, leveraging proximity to decision-makers who often require comprehensive wealth management services themselves.
2. Build trust and visibility with a broad audience of employees, many of whom represent the mass affluent segment that advisors might not typically target but who can collectively drive business growth. Many in this demographic are also positioned to inherit over $70B in estimated assets by 2042, with the majority going to Gen X and millennial heirs, Cerulli Associates reports.
Lessons from Our Own Experience
At OneDigital, our Employee Value Perception Survey revealed an essential insight: financial wellness was one of the most sought-after yet under-addressed aspects of our benefit offerings. The takeaway was clear – employees at all stages of their careers are looking for personalized financial guidance. Employers, in turn, value a solution that supports their workforce without adding complexity to their benefits administration.
This insight drove us to reimagine how we deliver financial education and services, creating accessible, scalable programs that meet employees where they are, whether through workshops, digital resources, or one-on-one consultation.
Strategic Engagement with “Mass Affluent”
Not every industry or employer is an ideal fit for this approach. Advisors should prioritize industries where financial wellness programs align with workforce priorities, such as healthcare, education, and professional services. The key is positioning yourself as a partner—not just for the employer, but for their leadership and employees alike.
Tactics that have proven effective include:
• Hosting targeted webinars that deliver actionable insights.
• Facilitating small-group discussions, like “coffee and conversation” sessions, that encourage dialogue and trust.
• Providing high-quality, on-demand resources that employees can access at their convenience.
The Broader Impact
The benefits of integrating financial planning into the workplace extend far beyond immediate results. For employers, it creates a more engaged and productive workforce. For employees, it provides a sense of security and empowerment. And for advisors, it opens doors to a new channel of influence, creating opportunities for deeper relationships and sustainable growth.
The financial services industry is ripe with opportunities for those willing to think differently about how and where they deliver value. Financial planning as an employee benefit represents a strategic intersection of purpose and profit—solving real challenges while expanding an advisor’s reach.
As we look to the future, the firms that succeed will be those that not only understand this dynamic but embrace it as part of their growth strategy.
Read the full series from Mike and Connect with him on LinkedIn, here. To hear more from leaders who joined OneDigital through acquisition, visit the Why OneDigital Hub.