Press Archive 2005

2005

• Cashing Out: Helping Employees with Retirement Plan Distribution Decisions
  
  The baby boomers are starting to retire. Young employees are leaving work
  for new jobs or school. Decades apart in age, both face a common decision: what
  to do with the money in their employer-sponsored retirement accounts.
  
  Society for Human Resource Management Online, December 2005
• Helping Employees Understand the Pros, Cons of Hardship Withdrawals
  
  Some companies offer hardship withdrawals in lieu of loans against the
  retirement plan. Typically, the withdrawal is processed after the employee
  requests it with no questions asked. So, how can education be used as a
  gatekeeper and to help employees become aware of the pitfalls and their
  alternatives?
  
  Best Practices in Compensation & Benefits, December 2005
• How a 529 Plan Helps Employees Save Money
  
  Since the early 1980s, college education costs have been rising at double the
  rate of inflation. It is no wonder that almost 50 percent of parents with
  children under age 18 indicate their number one financial goal is to ensure
  their children go to college.
  
  Best Practices in Compensation & Benefits, October 2005
• Financial Finesse’s Unbiased Approach to Financial Literacy a Hit
  with Credit Unions
  
  Education has made all the difference to Financial Finesse CEO Liz Davidson….
  “I realized my heart was with the financial education effort and… I wanted to
  make it about what consumers need to achieve their goals”. The result was the
  founding of Financial Finesse in 1999 to provide unbiased financial education
  to employees and members.
  
  Credit Union Times, August 2005
• Tips to Increase Participation Among Lower-Compensated Employees
  
  If your company failed retirement plan discrimination testing,
  or you are concerned that you will, here are some ideas for targeting
  lower-compensated employees to increase participation…
  
  Best Practices in Compensation & Benefits, August 2005
• RETIREMENT PLAN ADVISOR: Advice to the Masses
  
  Financial Finesse is blazing a trail as the first full-service financial education firm providing unbiased financial education
  to its client companies’ on everything from retirement planning to credit card debt.
  
  Investment Advisor, July 2005
• Farmers Insurance Group FCU Increases New Member Growth
  
  Farmers Insurance Group FCU increases new member growth by 25% with an innovative member education program.
  
  CUES, June 24, 2005
• Using Financial Education To Increase 401(k) Participation
  
  Sometimes, the biggest barrier to plan participation is
  lack of knowledge. For employees that have little or no experience investing,
  a 401(k) plan can be very intimidating. One of the most effective ways of
  increasing plan participation is to ensure your employees receive adequate
  financial education about your plan.
  
  Best Practices in Compensation & Benefits, June 2005
• Financial Education a Direct Route to Member Loyalty, Brand Recognition?
  
  Credit Unions are learning to never underestimate the power of providing financial education.
  “Our research has found that most credit unions that are diverting dollars from traditional marketing to
  educational efforts have reported great success…establishing themselves as trusted resources where members
  can find unbiased answers to their financial questions.”
  
  Credit Union Times, May 11, 2005
• Retirement Plan Success: A Tale of Three Hospitals
  
  Financial Finesse works with children’s hospitals around the country to help them maximize the value of their
  retirement plan, manage critical plan design changes, and address employees’ financial issues. In all cases,
  we’ve customized the programs to meet the hospital’s specific needs and in all cases the hospital’s needs and
  objectives have been different. Most programs combined live workshops with personalized financial counseling
  and coaching. Others incorporated online education to reinforce the learning and reach employees with untraditional
  work hours who couldn’t attend workshops.
  
  Liz Davidson CEO and Founder of Financial Finesse, May, 2005
• Responding to Requests for 401(k) Loans Without Providing Advice
  
  Many employers are faced with this dilemma as employees
  use their 401(k) funds to pay down debts, purchase a home, or cover medical
  expenses. Offering a loan provision in your retirement plan is an important
  feature that provides employees access to their money when they need it.
  
  Best Practices in Compensation & Benefits, April 2005
• Financial Education Becomes Workplace Staple
  
  “Low participation in the retirement plan prompted benefits staff at Children’s Health System in Birmingham, Ala.,
  to ask employees why they weren’t saving for the future….That’s when the system hurried a financial education
  program onto its menu of employee benefits”
  
  Work/Life Today, February, 2005
• Debt Problems Top Priority Among Workers
  
  Overall, Davidson says, the demand for workplace education programs is on the rise- for various reasons…..The
  company Davidson adds, is looking for more CFP’s to create educational content and to interact with clients and
  their employees. The company’s CFP’s work as full-time employees…”It’s a job for planners who are passionate
  about educating, but don’t enjoy the prospecting and selling”.
  
  Financial Advisor, March 30, 2005
• Member Gateways, Affinity Plus Help PCS Help
  CUs Make Mortgages to Credit Impaired Members
  
  “That’s why the CUSO has developed a relationship with financial education firm Financial Finesse….He explains that
  Financial Finesse gives credit impaired members a written roadmap called “Personal Financial Coaching” that includes a
  series of online tools members can use to help restore their credit integrity and a toll-free helpline they can call.”
  
  Credit Union Times, March 16, 2005
• More Budget and Savings Calls, Less Debt Calls in 2004
  
  Financial Finesse…is reporting that 2004 trends indicate that employees are increasingly taking control over their finances.
  
  PLANSPONSOR.com, March 22, 2005
• Saving While There’s Time
  
  Sometimes, employees just need to be educated about basic financial planning before they can even
  think about signing up for 401(k) programs… Through an educational program offered by Financial Finesse…
  Children’s Health System’s 401(k) participation rate jumped to a much healthier 72 percent.
  
  Human Resource Executive, March 16, 2005
• 2004 Year in Review
  
  2004 was a watershed year for our Financial Helpline callers. Where we generally see incremental changes in call topics
  and questions from year to year, the changes in 2004 were more significant. Taken together, the changes all point to the
  same trend: Employees are beginning to take greater control over their finances. They are becoming more proactive about
  improving their financial situations and planning for the future.
  
  Financial Finesse, March 2005
• Research on How Financial Education Changes Employee Behavior
  
  The survey was sent out 45 days following the launch of a comprehensive financial education program at Arkansas Children’s Hospital. There was a 60% response rate with 56 employees responding.
  
  Financial Finesse, February 2005
• Single-Sponsor CU Credits Educational Seminars With Driving Growth
  
  Many credit unions offer or sponsor financial education workshops for members. But Farmers Insurance Group FCU says its relationship
  with one such education provider has helped drive its net member growth.
  
  The Credit Union Journal, January 2005