Forums
Personal finance education
Benefits & Compensation
Personal finance education
Exchange ideas about health plans, retirement, work/life benefits, and employee assistance.
Thank you in advance for taking the time to read my post and reply.
Over the past 12 months, I have invested most of my free time developing a financial education and training course to help people
0
Cat:Topic ForumsForum:ForumId52
Cat:Topic ForumsForum:ForumId52Discussion:DiscussionId36866
Forums » Topic Forums » Benefits & Compensation » Personal finance education
|
Personal finance education
posted at 1/6/2011 6:10 AM EST
|
Posts: 3
First: 1/6/2011 Last: 1/10/2011 |
Thank you in advance for taking the time to read my post and reply.
Over the past 12 months, I have invested most of my free time developing a financial education and training course to help people take control of their future and make better financial decisions. Coming from within the financial industry, I became acutely aware of the numerous issues that average Americans are facing when it comes to their financial well-being and how the industry itself rarely serves the best interests of its clients. Accordingly, my motivation over the past year has been to create an independent, unbiased source of education and training that can assist a severely underserved market. Although my original intentions were to initially offer this course directly to the public (before proceeding to bring it to businesses and/or online), now that I am at the point of starting to market it I think that focusing on businesses may prove to be a much better approach. Thus, I am coming to you all looking for advice and strategies on connecting with local small- and mid-sized businesses to provide personal finance education to their employees. I won't get into every detail, but certainly I am in the process of networking with local professionals through the chambers, meetup groups, etc. I am also looking to partner with the local libraries to offer a course targeted towards managers and business owners to: (i) help them with their finances and (ii) show them how financial education can not only help their employees but also provide a significant return on investment for the business. So in addition to other networking opportunities, I really want to understand what the pain points that HR professionals are facing and how I can help them and their employees at the same time. I want to provide a serious value proposition and truly deliver on it. Thank you again for your thoughts. |
|
|
Personal finance education
posted at 1/6/2011 6:48 AM EST
|
|
Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
My #1 goal is to know NOTHING about my employee's financial issues. My #2 goal is to not be the middle man between my employees and anyone I might suggest. Because honestly what happens if someone I suggest (YOU) give them "bad" advice? What liability will there be for me?
Plus honestly, I don't have time to do your marketing...nor do my employees have time to attend your meetings/classes/seminars at my place of business -- where I pay the cost of the electricity/water/etc. I don't see where the employER has anything to gain by bringing you in and lots to lose. But I feel that way about a lot of marketing that happens to employees. The other thing employERS should think about is if they allow this type of person to solicit at their workplace (even with their permission), it can lead to others who MUST be allowed to solicit also under the NRLA. That is why a LOT of companies have a non-solicitation policy. But there are probably companies out their that want to be the "feel good" paternal employers that take care of everything for their employees...but I bet the # has shrunk in this economy. So no, this is not a market I would suggest you work very hard at getting into. |
|
|
Personal finance education
posted at 1/6/2011 7:39 AM EST
|
|
Posts: 3
First: 1/6/2011 Last: 1/10/2011 |
rrupert, I appreciate your candid response. I understand that there are certainly some obstacles as you described and many managers/employers may have no desire whatsoever to provide education to their employees. However, many companies have had very measurable success with financial education. They have recognized a reduction in employee absenteeism and turnover, better choices among employee benefits, improved health and less stress for employees, and increased productivity.
One thing that I would like to clarify, however, is that there is a clear and important difference between independent financial education and a financial advisor soliciting employees to become clients. Financial education focuses on: - How to make better benefit choices - How to develop a plan to get out of debt - How to save for retirement - How to organize a spending plan and budget - How to save for a house - Etc. All the things that they should teach us in school, but they don't. A financial advisor or stock broker typically focuses on: - Selling mutual funds - Selling insurance and annuities - Rolling over accounts so the advisor can manage them I am dedicated to the former and have nothing whatsoever to do with the latter. |
|
|
Personal finance education
posted at 1/6/2011 8:21 AM EST
|
|
Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
See, I believe that they have access to financial education elsewhere. Heck, Dave Ramsey is on the TV, Radio and at seminars all the time. So is Suzi Orman. I don't see a need for the employer to provide it.
But then again, there are lots of things I don't believe belong in the workplace that other employers do. And I expect my employees to be adult enough to solve their issues outside of my workplace. |
|
|
Personal finance education
posted at 1/6/2011 10:37 AM EST
|
|
Posts: 544
First: 9/27/2004 Last: 9/13/2011 |
I agree with you guys too, but some companies are doing this as an added benefit. The company I work for provides this service through the investment company that handles our 401K. We can schedule tiem with an advisor or attend workshops.
I haven't participated because I doubt they would give me any unbiased advice. |
|
|
Personal finance education
posted at 1/6/2011 4:19 PM EST
|
|
Posts: 2146
First: 2/15/2006 Last: 9/14/2011 |
The investment company that brokered our 401k was always wanting to come in a do "financial education" but I never let them, because like you, I didn't see how they could be unbiased. (They were one of the large brokerage houses who I have since had LOTS of BAD issues with on a personal level--I would NEVER recommend them and am glad that I NEVER did!) Plus there is a fiduciary responsibility on a 401k that is higher than most people think.
Even Dave Ramsey has referrals and is not totally unbiased. I do not know however if he gets paid for those referrals. |
|
|
Personal finance education
posted at 1/8/2011 2:25 PM EST
|
|
Posts: 1047
First: 4/11/2002 Last: 9/14/2011 |
I don't perceive this as negatively as some of the other posters do, however, I think you will have quite a challenge getting traction with employers to open up their doors to you. I agree that the average employer has a lot to lose if you come in and really screw something up.
Take for example, employer-paid life insurance. A company would be absolutely crazy to write a policy would a "C" rated company when there are so many good ones that are "A" rated (MetLife, Prudential, Sun Life, Lincoln, etc.). How would an employer go about deciding if you are qualified enough to speak with its employers? And saying you have XYZ designations doesn't mean you are qualified to talk to employees about all their personal finances. My best suggestion would be to do a google search for consultants that have a similar business plan in other markets. As long as you're far enough away, they probably wouldn't mind having a long conversation with you about what works, what doesn't work, etc. |
|
|
Personal finance education
posted at 1/10/2011 4:05 AM EST
|
|
Posts: 544
First: 9/27/2004 Last: 9/13/2011 |
I'm not an expert in benefits, but if an employer were interested in offering this benefit, could they offer vouchers or reimbursements for these services? That way the employee could choose their own financial advisor, maybe get a few different opinions. |
Forums » Topic Forums » Benefits & Compensation » Personal finance education
