Businesses That Guide Employees to Financial Wellness Can Reap the Benefits of a Healthy Workforce

In a Nutshell: Businesses that offer robust benefit packages may attract and retain higher-caliber employees more effectively than businesses that don’t. Financial Finesse partners with businesses to guide employees in improving their financial health. The company employs CERTIFIED FINANCIAL PLANNER® professionals to coach employees. Its virtual financial coach generates personalized action plans for employees and its Financial Wellness Think Tank™ provides workforce insights for employers.

Businesses function best when their employees are healthy. Employees who exercise regularly and eat healthy diets can be more productive than employees who don’t follow recommended fitness practices. Many employers offer gym memberships and access to nutritionists to help their employees develop and maintain healthy lifestyles.

But being healthy isn’t just about physical fitness. Financial wellness plays a significant role in an individual’s overall well-being. And employers who desire a financially fit workforce can partner with companies that can help their employees build beneficial financial habits.

Financial Finesse started in 1999. The company’s Founder, Liz Davidson, was previously a partner in a hedge fund serving clients with significant net worths. Davidson was surprised to find that even among her clients, a group you might expect to be well-versed in financial basics, many lacked personal finance planning skills.

Her findings motivated her to develop Financial Finesse, a company that pioneered the idea of having employers pay for financial coaching for their entire workforce. We spoke with Greg Ward, a CERTIFIED FINANCIAL PLANNER® and the Director of the Financial Wellness Think Tank at Financial Finesse, to learn more about the company.

Ward joined Financial Finesse in 2006. He said the business was one of the first companies to develop financial wellness assessments and scores.

Financial Finesse employs full-time CFP® professionals with a minimum of 10 years of practical experience. CFPs must surrender their licenses to sell products and services to be eligible to work for Financial Finesse. Ward worked as a financial adviser for 12 years before joining Financial Finesse, and he said he forfeited licenses to take a position as a coach with the company.

Financial Finesse offers digital tools to help employees independently learn about financial wellness topics, but the company values personal interaction with its clients.

“We’ve always done workshops, and we’ve always had a telephone number where people can call in and speak to a financial coach,” Ward said. “When someone calls in, the call is answered directly by our coaches. And we’ll talk to participants as long as we need to to provide them with direct financial coaching. A couple of years ago we also added the option to live chat with a financial coach online which has been popular, especially among younger employees.”

Dietary recommendations can change as doctors and scientists learn more about the human body and how it responds to different foods over time. The same is true when it comes to guidelines that can help consumers reach their financial goals.

Financial Finesse introduced its Financial Wellness Think Tank in 2008 to provide insights and unearth best practices to help employers improve the financial wellness of their workforces. As the Director of the Financial Wellness Think Tank, Ward analyzes data to determine how consumers are doing financially and what actions can help them develop sound financial habits.

Financial Finesse harnesses the power of artificial intelligence to offer a virtual financial coach called Aimee. Participants can answer a series of conversational questions with Aimee and receive a personalized action plan from the virtual coach to help them improve their financial wellness as efficiently as possible.

“We’re trying to reduce every barrier possible to get a person who may need professional guidance to actually speak with a professional, or at least receive their assistance,” Ward said. “Our fees aren’t an object or issue for participants because the employer pays for the service in its entirety. If you look at our business model, we’ve tried to do everything possible to reduce the friction and actually help the people who need our help the most.” 

Ward’s research indicates that employees who engage with Financial Finesse improve their financial positions. 

Economic conditions, including inflation and soaring interest rates, can harm people who are financially vulnerable. Some employees who use Financial Finesse’s services can’t afford their mortgage payments or child care costs. Ward said the company’s services are particularly beneficial to employees who otherwise wouldn’t have access to resources to help them identify and overcome financial challenges.

Financial Finesse customizes its programs to fit the needs of an employer’s workforce. The company adapts its programs to suit a business’s unique culture and identify financially vulnerable employees. 

“A lot of these progressive and forward-thinking companies recognize that financial wellness is about the individual and relates to their physical and mental health,” Ward said. “Part of our value proposition is that we’ve done this for 25 years, and we have a pretty good idea of what works and what doesn’t. We can come along and really address the stress that’s associated with financial decisions.”

Financial Finesse’s services can help employees maximize their compensation and benefits and learn how changes in their personal finance habits can improve their financial outlook.

Financial Finesse works with a business’s human resources department to learn about company benefits packages and how its services can best serve a workforce. Some employers offer numerous benefits, and employees may not understand which benefits can help them the most.

“By bringing us on board, companies are reducing employee stress levels, which definitely has bottom-line value, but they’re also increasing benefit appreciation and utilization,” Ward said. “Ultimately, employers are getting happier employees who stick around longer and are physically and mentally healthier. So employers who work with us can really bring down costs associated with their employees’ mental and physical health.”

Financial Finesse uses metrics to assess its effectiveness. The company tracks the number of workers who use its digital platform, enroll in its workshops and webcasts, and contact the company to speak with its financial coaches. Ward said workers outnumber CFPs, so Financial Finesse uses technology to amplify its coaches’ expertise and help employees access the resources they need.

The company also assists people seeking to gain control over their cash flow. Financial Finesse helps employees learn how to save for emergencies and pay off their debt. Ward said the company isn’t intrusive, and it doesn’t connect to employee bank accounts or monitor employee credit.

Employers who engage with Financial Finesse report a drop in employee absenteeism and turnover. The company also encourages employees to participate in other workplace benefits, including contributing to 401(k) plans and health savings accounts.

“We’ve been around for so long that we have clients who have stayed with us for 15 years or more,” Ward said. “There’s a lot of competition out there, so if we weren’t successful, then our clients wouldn’t stick around. We have a very good track record of changing behavior and having real outcomes as a result of those changes in behavior.”

Financial Finesse coaches have experience in weathering life’s financial storms. Ward said employees shouldn’t feel apprehensive about sharing details from their financial lives with the company’s CFPs. Financial Finesse coaches have faced many of the same challenges consumers encounter, including buying and selling houses, saving money to pay for a child’s college expenses, and learning to budget. 

Financial Finesse works with an eclectic group of businesses across a range of industries, including healthcare, manufacturing, finance, consumer goods, and technology. And Financial Finesse works with professional sports organizations to help current and retired athletes reach their financial goals.

Ward said one recent trend he has noticed is the globalization of employee benefits. Financial Finesse works with many organizations that conduct business outside the U.S. It engages with financial professionals in foreign markets to develop content and host workshops and webcasts in a country’s native language.

Employees can be hesitant to share personal information with financial coaches if they suspect the coach will sell or share their information with third parties. Ward said employees are willing to share information with Financial Finesse if they’re certain the company will use the information to benefit them.

“We create these financial wellness programs in a way that encourages people to share information because they know the information is being used in an altruistic way to make their situations better,” Ward said. “People don’t mind getting the guidance they need when they’re confused. We take a look at the information people share with us, and it ultimately helps them to appreciate the benefits they receive from their employer more.”

As Ward looks toward the future, he envisions Financial Finesse fine-tuning its ability to deliver personalized insights to improve employee financial wellness. He said the company will continue to find links between an employee’s mental, physical, and financial health and use that information to help consumers refine their financial behaviors.

Financial Finesse is partnering with companies that can help it more effectively reach diverse and vulnerable populations. It’s all part of an effort to help as many employees as possible live their best financial lives. Ward said the company’s focus helps it succeed.

“We don’t manage assets or sell any products or services to the public,” Ward said. “We offer financial coaching and a path to wellness as an employer-paid benefit. We feel like it’s a stronger thing for us to just focus on this and make a difference.”