Bukaty Companies Financial Services and their registered investment adviser affiliate, Resources Investment Advisors (RIA), officially launched their financial wellness solution - Financial Elements - on April 1, 2018.
Financial Elements is a solution for employers who understand the soft and hard costs of high turnover, absenteeism and the financial hardships encountered by many employees. The new wellness program breaks down financial concepts into elements to increase financial literacy and reduce employee financial stress through education and behavioral coaching.
In today’s flourishing economy, it may come as a surprise that most Americans suffer from financial stress. According to PwC’s 2017 employee financial wellness report,
• 52% of employees are stressed about their finances,
• 28% of financially stressed employees are distracted at work, and
• 46% of distracted employees spend over three hours per week on personal finances at work.
Financial Elements provides a unique approach to this problem by targeting employees on an individual level to identify and change behaviors that impact each employee’s financial literacy and wellness.
How the program works
• Through an online assessment, mentors (financial professionals) identify the state of each employee’s financial health.
• Mentors who provide personalized financial guidance introduce “the human element” by reaching out to employees to address elements such as budgeting, retirement planning, debt and investment counseling.
• Finally, through periodic check-ins and goal setting, mentors help employees stick to their financial plan, thereby changing behavior and easing financial stress.
This program also utilizes technology and off-site mentors to work with employees, and provides the flexibility, accountability and comfort of working with a financial personal trainer over the phone or email.
“We are in the retirement plan business but noticed a trend in the level of savings and engagement of the employees in the plans. As a group we decided that unless we were working to address the root causes of financial hardship impacting plan sponsors, we were not doing everything we could to help participants prepare for a secure retirement,” said Vince Morris, president of Bukaty Companies Financial Services.
For more information about the program, please visit www.financial-elements.com or call 877.742.2022.