Build or Buy: What It Costs to Create a Financial Wellness Benefit

September 25, 2026 Build or Buy: What It Costs to Create a Financial Wellness Benefit
White Paper | 2026
Construction workers in safety equipment at a building site
Employer Strategy

Build or Buy: What It Costs to Create a Financial Wellness Benefit

What employer sourcing data, replication cost research, and organizational learning theory indicate for large employers and retirement plan providers weighing the decision.

Financial Wellness
Think Tank™
Key Takeaways

Most large employers have settled the question of whether to offer financial wellness support. The open question is how to source it. This report examines what building a program internally would cost, how long it would take, and what expertise it would require.

  • HOW PROGRAMS GET BUILTEmployers rarely build alone. Among those with a financial wellness strategy or developing one, 87 percent had outside help building it, and 66 percent used a dedicated financial wellness vendor, up from 47 percent in 2020.1
  • WHAT IT COSTSBuilding an enterprise-scale platform is estimated at $21 million to $38 million in product and content development, derived from disclosed venture funding for workplace financial wellness platforms and published software industry research and development benchmarks.3, 4, 5
  • HOW LONG IT TAKESTime is the more binding constraint. None of the workplace financial wellness platforms with public funding histories reached maturity in under a decade, and several were still raising capital in their eleventh and twelfth years.3
  • THE REAL BARRIERThe deeper barrier is expertise, not budget. In about one in seven cases studied, copying an established product cost as much as or more than the original development, and in a substantial share of those the reason was know-how the original developer had accumulated over years and never published.2
  • EVEN SPECIALISTS BUYEven dedicated providers buy capability rather than build it. One venture-funded provider that had raised roughly $70 million acquired another company in 2023 to close a gap in its own workplace financial education, then made a second acquisition to add estate planning.3
  • RETIREMENT PLAN PROVIDERSA provider begins with more of the infrastructure in place than an employer does, though what remains to build is the expensive part. Plan sponsors are meanwhile going elsewhere, with nearly half having a financial wellness program and 13 percent saying it comes through their retirement plan.8
Section 01 What Is Being Built

Financial wellness benefits can mean many different things. EBRI’s employer survey tracks 16 distinct offerings under that heading. They differ in how they are delivered, what they cost, and what regulation applies to them.1 A cost estimate averaged across all 16 describes nothing an employer would actually build.

This report examines one of them, the workplace financial wellness program. A program of this kind gives employees one-on-one guidance from credentialed professionals, certified financial planners in the United States or locally recognized equivalents in other countries, who make no product recommendations. It adds technology-delivered support available at any hour, an assessment that produces a personalized action plan, plus interactive tools for major life events. The program connects to the benefits an employer already offers, so employees find what is available to them. It also covers program design, employee communications, and measurement of results. Employers put their priority here. The three offerings most often named as a company’s single highest priority are financial planning education, personalized financial coaching, and personalized credit or debt management coaching. Together they account for 42 percent of responses.1

Section 02 How Employers Are Sourcing Programs

Among employers that have a strategy for improving employee financial wellness or are developing one, 87 percent had outside help building it.1 The most common source was a dedicated financial wellness vendor at 66 percent, followed by benefits consultants at 59 percent and retirement plan providers at 40 percent.1 Fifty-nine percent said their own company was involved as well. Employers are not handing the work to a vendor so much as adding outside expertise to their own.

The share citing a dedicated financial wellness vendor rose from 47 percent in 2020 to 66 percent in 2025, while the share citing their own company stayed close to 60 percent.1 Designing a program with no outside help is now uncommon.

Outside help
87%
Of employers with a financial wellness strategy, or developing one, had outside help building it1
Vendor reliance
66%
Cited a dedicated financial wellness vendor, up from 47 percent in 20201
Who Helps Design the Financial Wellness Strategy
Share citing each source, among employers with a strategy or developing one, 2020 to 2025
Financial wellness vendor The company itself
Who helps design the financial wellness strategy, 2020 to 2025 Financial wellness vendor: 47 percent in 2020, 54 in 2022, 55 in 2024, 66 in 2025. The company itself: 60 percent in 2020, 60 in 2022, 56 in 2024, 59 in 2025. 0% 20% 40% 60% 80% 2020 2022 2024 2025 47% 60% 66% 59%
Source: Employee Benefit Research Institute, 2025.1 Respondents are benefits decision makers at companies with 500 or more employees that were at least interested in offering financial wellness programs, and could select more than one source. Figures cover employers with a financial wellness strategy or developing one. Sample sizes differ by wave: n=250 in 2020, n=250 in 2022, n=262 in 2024, and n=406 in 2025.1
Section 03 What Building It Yourself Would Cost

Building costs more than most internal estimates assume. Edwin Mansfield and colleagues studied what it costs to copy an established product, looking at 48 new products across a variety of industries.2 On average, copying ran about 65 percent of the original developer’s cost and about 70 percent of the original development time.2 In all but one case the copying firm got no help from the original developer, which is the position an employer is in when it builds without a provider’s cooperation.2

The averages hide a lot of variation. In roughly half the cases the cost ratio came in either below 0.40 or above 0.90, and in about one seventh of cases copying cost as much as or more than building from scratch.2 The time ratio varied as widely, and in some cases copying took longer than the original work.2 For planning purposes, 65 percent is the number to work from, with the caveat that half the cases landed well above or below it.

To make use of these findings, we need to look at what building these programs actually costs. Disclosed venture funding for workplace financial wellness platforms is a reasonable starting point. Three platforms built for large enterprise workforces each raised on the order of $70 million or more.3 Capital raised is not the same as development cost, because venture funding also pays for sales, marketing, and overhead. Benchmarks from software companies that have gone public put research and development at roughly 26 to 30 percent of operating expense.4 Survey data on private software companies shows that venture-backed firms spend more on both research and development and customer acquisition than self-funded ones, another reason to treat capital raised as a ceiling.5 Applying a conservative 30 to 50 percent to those totals gives an estimated $21 million to $38 million to develop a program of this kind from nothing. This is an estimate built on public disclosures and industry benchmarks, not a verified figure. It is also cumulative spend across a build period measured in years rather than an annual budget line, and it buys a starting point rather than a finished program.

What an in-house build does and does not include

An employer can skip

  • Customer acquisition
  • Sales and marketing
  • Multi-tenant architecture
  • White-labeling and cross-client reporting

An employer still has to build

  • The content library, and every update to it
  • Coach recruitment, training, and supervision
  • The technology platform and its integrations
  • Compliance review and the education-advice boundary
  • Program design, communications, and measurement
The estimate above already removes the left column, which is why 30 to 50 percent of capital raised is used rather than the full total. The right column is what remains, and unlike a provider, an employer cannot spread any of it across other clients.
Development
$21–38M
Estimated product and content development for an enterprise-scale platform, cumulative over roughly a decade3, 4, 5
Time to maturity
10+ yrs
No platform with a public funding history reached maturity in less than a decade3
Replication
65%
Average share of an original developer’s cost borne by an imitator, with half of cases falling below 0.40 or above 0.902

Financial Finesse’s own experience building and maintaining a financial coaching platform over more than two decades is consistent with development costs in this range, and with a timeline measured in years rather than budget cycles.7

Time is the bigger obstacle. None of the platforms with public funding histories reached maturity in less than ten years, and several were still raising money in their eleventh and twelfth years.3 These were companies that did nothing else, with specialist staff and money raised for this one purpose. An employer building a program alongside its existing benefits work has no reason to go faster. Few benefits plans look ten years ahead, and few of the leaders who would approve the project will still be in the role when it finishes.

The companies building these platforms have reached the same conclusion. One venture-funded provider that had raised roughly $70 million, at a $400 million valuation, bought another company in 2023 to fill a gap in its own workplace financial education, then bought a second one months later to add estate planning.3 This was a firm whose only business was this product, with money and specialists on hand, and it decided twice that buying beat building.

Section 04 What Building Requires

Cost is only half of the decision. The other half is capability, which internal estimates usually leave out.

Wesley Cohen and Daniel Levinthal called this absorptive capacity: an organization’s ability to see the value in outside expertise, take it in, and put it to use.6 It is the related know-how a team has built up over years of work, which is what lets it judge and use something new. It builds slowly, and it cannot be bought quickly.6

A financial wellness program runs on behavioral finance, coaching methodology, and a clear grasp of where financial education ends and regulated advice begins. Benefits teams are usually strong in plan design, vendor management, and compliance. Few have comparable depth in the three disciplines a program depends on. A team without that background can still build a program, but it is more likely to build one that does not work.

Expertise most benefits teams hold
Built through years of benefits administration
Plan design and benefits architecture. Vendor selection and management. Regulatory compliance across an existing benefits portfolio. Employee communications at scale.
Expertise an effective program requires
Accumulated in a different discipline entirely
Behavioral finance and the drivers of financial decision making. Coaching methodology that produces measured change. The regulatory boundary separating financial education from regulated advice.

Mansfield found the same thing. Where copying cost as much as building from scratch, it was not because the copy was better. In a substantial share of those cases the original developer knew more: it had built up specialized experience with related products that never appeared in any patent and that outsiders could not easily get hold of.2 That is absorptive capacity, described nine years before Cohen and Levinthal gave it a name.

Two other findings apply directly to financial wellness. Copying cost more when less of the original spending had gone to research and more had gone to building the product and getting it to market, because research results become visible to outsiders while the build work has to be done over.2 And products that needed regulatory approval cost about 31 percentage points more to copy.2 A financial wellness program is mostly build rather than research, and it runs up against the line between education and advice. Both put it at the expensive end of Mansfield’s range.

Section 05 Commitment, and the Case for Building

Choosing a provider does not take the employer out of the work. A program gets results when the organization commits to it, promotes the resources to its people, and gives them time and encouragement to use them. A good provider supplies the harder part, a tested program and the guidance to launch and run it. The commitment still has to come from the employer.

When building makes sense

Building internally is the right call for a narrow set of organizations. It fits a company that has the right mix of expertise across personal finance, employee benefits, and software development, and that can keep paying for those people to maintain and update the platform over the long term. A financial wellness program is never finished. Content needs updating, compliance needs review, and the technology needs investment as employee needs and regulations change.

For an organization without that expertise, the research offers no discount for replication, and the full estimated range of $21 million to $38 million or more should be expected.2, 3 An organization that already has deep expertise in all three areas may get closer to the 65 percent average, which puts development at roughly $14 million to $25 million, because it starts with the know-how Mansfield identified as the reason copying costs run high.2, 3 Two things pull against that lower figure. It comes from an average with wide variation, and every financial wellness program carries the regulatory exposure that raised copying costs in his data.

Without the expertise
$21–38M or more
No replication discount applies. An employer working outside its core competence should expect the full estimated development range, or above it.2, 3
With aligned expertise
$14–25M
Reflects the average imitation ratio, available only to an organization already holding the technical base across personal finance, employee benefits, and platform development.2, 3

That combination of expertise is rarer than it looks. Knowing financial products is not the same as giving unbiased guidance across a whole benefits package, and neither one covers the coaching methodology that produces measurable results. The survey data gives a rough sense of how rare it is. Finance and insurance firms made up 34 percent of respondents, double the next largest industry, so the employers best equipped to build were well represented among those who went to an outside vendor instead.1

Keeping a program running is harder than launching one. Several of the platforms with public funding histories were bought by larger firms instead of reaching scale on their own, and others stalled after early rounds.3 These were companies whose only business was this product.

Section 06 For Retirement Plan Providers and Advisors

Retirement plan providers are active in this category. Among employers that have a financial wellness strategy or are developing one, 40 percent say a retirement plan provider helped design it. More say a dedicated financial wellness vendor did, at 66 percent.1 A separate survey of plan sponsors shows the same split from the other direction. Nearly half had a financial wellness program in place, but only 13 percent said it came through their retirement plan.8 Most of the employers who have one got it somewhere else. Every employer with a plan already has a provider, so this is not a matter of employers lacking the relationship. They have it, and they are still going elsewhere. That leaves plan providers and advisors with a decision of their own, whether to build a program to offer plan sponsors or to license one built elsewhere.

Plan providers already have some of the infrastructure a program needs. Multi-tenant systems, cross-sponsor reporting, and sponsor relationships exist because running a recordkeeping business requires them. A vendor starting out has to build all of that. A plan provider does not. The parts still missing are the expensive ones. Building something that already exists saves the cost of working out what to build, but not the cost of building it.2

Coaching is the clearest case. A recordkeeping system serves another sponsor at almost no added cost, because software scales without adding staff. Coaching does not work that way. Every additional participant who wants a session needs someone qualified to deliver it, so the cost grows with the number of people, not the number of clients. The decade-long timelines still apply.3

A six-part test for an existing offering
  • One-to-one guidance from credentialed professionals who make no product recommendations, available to every participant
  • Technology-delivered support available at any hour
  • An assessment that produces a personalized action plan for each participant
  • Interactive tools and life-event resources
  • Integration across each sponsor’s own benefits set, not the retirement plan alone
  • Program design, employee communications, and measurement of results for each sponsor
A provider delivering all six to every sponsor it serves is already running a program of this kind, and the cost analysis in this report does not apply to it. Where an item is missing, or reaches only some sponsors, that is what a build would have to add.

Plan providers face the same decision employers do, with a head start on the parts that were never the hard ones. What is left is the coaching, the content, and the compliance work, and those take years to build and people to run.

The Bottom Line

For nearly every organization weighing this, financial wellness is a valuable benefit rather than a source of competitive advantage. The workable rule is to build what is core to the business and buy what is not. That holds equally for an employer building for its own workforce and for a retirement plan provider building for its sponsors, though a provider starts with more of the infrastructure already in place.

Building can make sense when all of these hold

  • The organization already has deep expertise in personal finance, employee benefits, and software development
  • It can fund content updates, compliance review, and technology investment for as long as the program runs, not only through launch
  • A timeline measured in years fits its planning horizon
  • The program sits close enough to the core business to justify that sustained investment

Buying is the better fit when any of these hold

  • The expertise sits outside what the organization does
  • Budget authority covers a project but not an indefinite operating commitment
  • The benefit is needed sooner than a build could deliver it
  • Financial wellness matters to the people it would serve but is not a source of competitive advantage

An established program carries a development cost that has already been absorbed, estimated in the tens of millions of dollars over a timeline measured in years, along with the accumulated expertise that determines whether a program changes behavior. That leaves the organization free to focus on the part no vendor can supply, which is a real commitment to the financial health of the people it serves. Anyone weighing a build estimate against a purchase has a straightforward next step. Ask a specialist provider’s consulting team what the same capability costs to buy, and compare the two figures.

References

Funding figures cited in this report are drawn from publicly disclosed venture financing rounds and are presented as order-of-magnitude estimates. Development cost figures are Financial Finesse estimates derived from those disclosures and published software industry operating expense benchmarks, not verified company financial statements. Reference 7 draws on Financial Finesse proprietary data; the underlying figures are held internally and are not disclosed here. Mansfield, Schwartz, and Wagner examined manufactured product innovations in chemicals, pharmaceuticals, and electronics and machinery; their ratios are applied here as the closest available empirical benchmark for replication cost rather than as a direct measure of software and services development.

1Spiegel, Jake, and Bridget Bearden. “2025 EBRI Financial Wellbeing Employer Survey: Focusing on the Bottom Line Continues.” EBRI Issue Brief, no. 648. Washington, DC: Employee Benefit Research Institute, December 11, 2025. Multi-year figures drawn from the accompanying 2025 Financial Wellbeing Symposium presentation, Question 105. Accessed September 3, 2026. Financial Finesse is among the organizations that provided funding for this survey.
2Mansfield, Edwin, Mark Schwartz, and Samuel Wagner. “Imitation Costs and Patents: An Empirical Study.” The Economic Journal 91, no. 364 (1981): 907–918.
3Financial Finesse compilation of publicly disclosed venture financing rounds, acquisitions, and company announcements for workplace financial wellness providers, drawn from company press releases and venture capital databases. Accessed September 3, 2026.
4Blossom Street Ventures. “Percent of SaaS Revenue for R&D, S&M, COGS, and G&A.” Analysis of software companies completing initial public offerings since October 2017. Accessed September 3, 2026.
5SaaS Capital. 2026 Spending Benchmarks for Private B2B SaaS Companies. Accessed September 3, 2026.
6Cohen, Wesley M., and Daniel A. Levinthal. “Absorptive Capacity: A New Perspective on Learning and Innovation.” Administrative Science Quarterly 35, no. 1 (1990): 128–152.
7ProprietaryFinancial Finesse Financial Wellness Think Tank™, internal review of the company’s own platform development and maintenance history, 1999 to 2026. Underlying figures are not published.
8Newport, an Ascensus company. Compensation, Retirement, and Benefits Trends Report, 2025/2026 Edition: Executive Summary. October 2025. Based on responses from 594 organizations; roughly three quarters have fewer than 250 employees and less than $50 million in annual revenue. Accessed September 3, 2026.