Yikes. Only one in five workers has a financial plan in place, and even among those who do, 80 percent still aren’t confident about their money situation.
Fidelity wants to do something about it.
In an announcement today, the nation’s largest provider of 401ks and 403bs unveiled its newest offering for plan participants: an advice solution “designed to help individuals create, implement and track a holistic financial plan.”
Dubbed Fidelity Personalized Planning & Advice, the product is described as a “digital experience” and is automatically available to employers who offer Fidelity workplace managed accounts and to employees who are enrolled in them. Upgrades will happen automatically at no cost.
“While investment solutions such as workplace managed accounts have been successfully managing individuals’ retirement savings, employees have expressed a need for additional help to create a holistic plan that addresses their evolving personal needs,” Sangeeta Moorjani, head of Product, Marketing and Advice for Fidelity’s Workplace Investing business, said in a statement.
In fact, recent research found more than three-quarters of workers say they would feel more comfortable making decisions about money if they could consult a financial expert.
So Fidelity is making it easier to do just that. Perks of its Personalized Planning & Advice service include:
- Help crafting and implementing a holistic, personalized plan that extends beyond saving for retirement and integrates other investment goals and objectives, such as building an emergency fund or saving for a down payment on a house.
- Professional, personalized investment advice and management of savings from a team of professionals, along with access to a visual summary of investments, which clearly illustrate any changes or updates to an employee’s overall financial strategy.
- Ongoing, proactive engagement, including expanded annual checkups, reminders and information that addresses an individual’s specific investment needs to help them stay on track toward their financial goals. This ongoing engagement will also enable employees to modify their plan as goals change due to factors such as a job change, a new baby or other life events.
“Regardless of their financial situation or level of affluence, Fidelity recognizes that investors across the board are looking for more help, and Fidelity Personalized Planning & Advice is one of many offerings designed to provide this help to a broad range of investors,” added Moorjani.