Financial Finesse on Wednesday announced its acquisition of OfColor, a financial wellness platform aimed at empowering employees of color to build wealth and increase financial wellbeing.
Financial Finesse says it plans to use OfColor’s content and expertise around group and individual coaching to reach employees of color as part of its broad-based employer-sponsored financial coaching programs. Starting in November, Financial Finesse will make OfColor content—which is created by financial coaches of color and tailored to the lived experiences of employees of color—available to the more than 20,000 firms it reaches at no additional cost, as part of a larger strategy in delivering client services.
“We are thrilled to officially welcome OfColor into the Financial Finesse family,” said Liz Davidson, CEO and founder of Financial Finesse, in a statement. “It is our position that for a workplace financial wellness program to be successful, every employee needs to feel seen, heard, and understood—regardless of race, gender, age, income, or any other factor.”
The past year has seen corporations scale back on or even abandon their diversity, equity, and inclusion (DEI) efforts, with many citing reasons like cost concerns or political pushback for the withdrawal. Ford Motor Co., Harley-Davidson, and Lowe’s are only some of the top companies who have pull backed on their DE&I efforts in 2024, marking a notable change from the companies’ previous championing of corporate accountability just four years ago in 2020.
Yet, Financial Finesse data shows that prioritizing DE&I strategies benefits employees. According to the Financial Finesse Financial Wellness Think Tank, a research initiative by the company, 45% of employees of color who report “high” or “overwhelming” financial stress improve to “some” or “no” financial stress within a year of engaging with the firm’s live and artificial intelligence (AI)-powered coaching.
Furthermore, engaged employees of color are progressing from “crisis” and “struggling” phases of financial wellness to the “planning” and “optimizing” stages, which Financial Finesse defines as having emergency savings and little or no high-interest rate debt, spending within ones means, and being able to save for future goals.
Compared with where they began, there is a greater than 2.5x increase in the number of employees of color in the stable “planning” or “optimizing” stages, according to Financial Finesse.
“We’re excited to work, as part of Financial Finesse’s iconic brand, to drive positive change in the lives of employees everywhere,” added Yemi Rose, founder of OfColor. “Our deep expertise in creating solutions specifically tailored to BIPOC individuals will be a powerful complement to Financial Finesse’s proven live and AI-powered coaching as we work together to drive life-changing outcomes for employees and measurable ROI for employers.”
Terms of the OfColor acquisition were not disclosed, but Financial Finesse says it is actively considering additional acquisitions to advance its mission of expanding financial coaching programs to more employees. In a statement, the firm adds that it will also limit acquisitions to companies that share its commitment to “unconflicted financial coaching” and have “unique approaches, teams, and technology that have proven successful in advancing employees’ overall financial well-being.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
