Allison V. Bishop, CPA
Financial Wellness Programs
Some innovative employers are now recognizing the importance of their employees being financially healthy, and have begun to offer financial wellness programs as an employee benefit. I recently provided individual financial coaching within such a program that offered a combination of ongoing coaching, monthly financial literacy talks, and online education. 70% of the employees chose to participate, and the feedback from the employees has been overwhelmingly positive.
Often employees are offered sessions with a representative of the company’s retirement plan, which are typically very useful, but retirement addresses only one aspect of financial security. There are so many other, and often more immediate, needs: student loans, credit card and medical debt, emergency funds, budgeting, college savings, saving for a down payment, creditworthiness. PwC’s 2018 Employee Financial Wellness Survey found that the two benefits employees would like that are not currently offered are access to unbiased financial counsellors and help to understand and using their employer benefits. And 54% of respondents said that they wanted to make their own decisions but wanted someone to validate those decisions.
If you’re an employer who is interested in creating such a program to benefit to your employees, contact me to discuss the details and possibilities. You can provide a program that offers a very high value to your employees for a relatively low cost. Here are some possible configurations for the financial coaching element that could be spaced over three months, six months, or a year:
- 3 one-hour sessions for each employee: $375 per employee
- 1 one-hour session and 3 twenty-minute follow-ups: $250 per employee
- 1 one-hour session and 1 twenty-minute follow-up: $160 per employee
I love the idea of more employers offering such programs, and would be happy to discuss ideas and options with you if you’re considering adding financial wellness to your employee benefits.
Other Financial Literacy Workshops
Educating people about financial literacy is very important to me. It’s a topic we’re not typically taught in schools for some reason, but everyone needs to know how to handle their money wisely.
My recent speaking experience includes:
- Regular presenting at Second Saturday Maine, which is a monthly, three-hour informational workshop for women facing divorce, focusing on the legal, financial and emotional issues they may be experiencing
- A presentation to a group of dental students, where I focused on student loan debt, budgeting, and how to get on your feet financially upon graduation
- A continuing education course to accountants, attorneys, and mediators, focusing on the financial and tax effects of divorce.
- A talk on financial wellness for new attorneys, which addressed how to prioritize student loan debt with saving for retirement and whether to work with a financial advisor.
- A seminar for senior employees of a financial institution.
I can tailor my presentation to the interests or needs of any particular group. If you have a group you would like to have me speak to, contact me to discuss the details.
Contact Allison To Get Started
I maintain the highest level of confidentiality regarding my clients. I will never reveal any personal information relating to any client, except at the specific request of the client.
I charge strictly by the hour, which ensures that I only give advice which is in my clients’ best interests. My fiduciary responsibility in every instance is solely to my client; I do not recommend any specific insurance or investment products and do not receive any commissions or other sources of revenue.