Financial Finesse is expanding on an initial program with Capital Group that brings personalized financial wellness solution to plan sponsors.
The expanded program brings financial wellness coaching from Financial Finesse to prospective Capital Group clients in the large plan sponsor market, at no additional cost for plan sponsors or their participants.
Plan participants will receive unlimited access to Financial Finesse’s digital financial wellness hub, virtual financial coach and interactive guide Aimee, live webcasts, and a team of financial advisors available via phone and live chat.
The initial program brought Financial Finesse financial coaching to select Capital Group DCIO clients in the midsized plan sponsor market and PlanPremier full-service recordkeeping clients in the large plan sponsor market, said the two companies in a press release.
“We are thrilled with the results of the initial program and the plans to expand it,” said Liz Davidson, founder, and CEO of Financial Finesse, in a statement. “It has been a true privilege to work with Capital Group, with their long track record of driving innovation and results and unrelenting focus on putting participants first. Within 15 months of the initial program’s launch, plan sponsors saw participant engagement of over 38%—well above industry benchmarks. The program also proved that integrating financial coaching can drive a significant increase in assets under management for retirement plan advisors.”
“Integrating financial wellness into Capital Group’s offering to support participants, plan sponsors, and our intermediary clients is a critical component of improving participant outcomes as we continue to expand access to savings through employer-sponsored retirement plans,” added Brendan Mahoney, head of Institutional Retirement Strategic Growth at Capital Group, in the statement. “Our partnership with Financial Finesse is also an important part of helping advisors scale their business by giving them the ability to bring an in-demand benefit to the plan sponsors they serve.”
The expanded partnership comes after Capital Group announced its plans to offer solutions, services, and partnerships that complement its investment products.
The firm said it would be focused on building solutions in five distinct themes, including wellness and engagement, collective investment trusts (CIT) expansion and growth, qualified default investment alternative (QDIA) evolution, retirement income, and bridging the retirement-plan-to-wealth gap.
“Too many people in this country are still not saving enough for retirement. By listening to, and learning from the advisors, consultants, and other distribution partners with whom we work, Capital Group’s institutional retirement business is addressing the changing dynamics of the U.S. retirement and asset management landscape head-on,” remarked Brendan Mahoney, head of Capital Group’s Institutional Retirement Strategic Growth team, in an earlier statement. “Advisors are working tirelessly to help their clients save for retirement and it is our mission to give them the tools and resources to see that objective through.”
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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.