Financial planners: No longer just for high earners and investors.

Posted by LearnLux

Let’s bust a common myth about financial planners. "They’re only for high-earners and millionaires who need investment advice."  

Traditionally, financial planning was only accessible to the wealthiest among us. Today, a major shift is happening, starting in the modern workplace. 

Financial wellbeing companies are leading the charge to democratize access to financial guidance. Digital education and interactive tools are offered alongside on-demand financial experts. This allows wider employee populations to access valuable financial tools, at price points that are surprisingly affordable for employers.

The truth is that everyone, no matter their income or net worth, deserves to be financially healthy.

Investing in your team’s financial wellbeing is a win for your company overall, sparking positive changes like: 

  • A healthier, more productive team with less financial stress
  • Employees who understand their benefits and compensation
  • An incentive for talented people to join your team (and stay)
  • Lower absenteeism related to personal financial concerns

And to prove that it’s not all about investing and money management for high earners, here are 4 examples of challenges many employees actually want a financial planner's help with.


Big Financial Decisions

A big decision usually points to an exciting change in someone’s life, but these decisions often come with stress and confusion.

You’re not just buying a home, you’re deciding how much home you can afford, how long it’ll take to save for a down payment, and how to choose the right mortgage. It’s also smart to check your credit score so you can get the best possible mortgage terms.  

You’re not just getting married, you’re budgeting for the total cost of a wedding, along with one of the hardest tasks for newlyweds - creating a plan to combine finances with your partner. 

You’re not just planning for kids, you’re budgeting for hospital bills, daycare, food, diapers, a crib, and everything else. For most new parents, it’s also a good idea to think about saving for college, updating your life insurance, and getting an estate plan.  

Expert guidance allows your employees to feel prepared and confident going into big decisions, so they focus more on enjoying the moment, and less on financial stress. 


Saving for Retirement

Who wants work to be optional someday? Almost all of us. 

What’s the best way to make this happen? Save for retirement.

Sounds easy when you put it that way, but saving for retirement isn’t that straightforward. Which is why it’s on the mind of nearly every employee. 

Here’s what they’re wondering about retirement:

  • How do I plan for retirement when it’s 20-30+ years away?
  • How much of my paycheck should I be saving for retirement? 
  • How do I know if I’m saving enough (and what happens if I’m not)?

The truth is, there are many factors you can’t control when planning for retirement, especially when it’s decades away. 

A financial planner educates employees about what they can control - like starting to save for retirement now, deciding where & how to invest, getting the full employer match, and tracking progress along the way - which gives employees the best chance of having what they need when retirement eventually does arrive. 


Understanding Their Benefits & Compensation

Employer benefits account for almost a third of an employee’s total compensation, with salary making up the other two-thirds according to the Bureau of Labor and Statistics

That’s because companies know it’s not just salary that matters. An employee’s total compensation package - including salary, health insurance, PTO, employer-sponsored retirement plans, and other perks - helps fund their current and future lives. 

But here’s the problem. Unless you’re a financial expert or benefits professional, understanding how to maximize your benefits is not easy.

Which is why financial planners help employees with important decisions like:

  • Choosing the best health insurance coverage for their family 
  • Learning the ins-and-outs of their employer’s retirement plan
  • Knowing the difference between options like FSAs & HSAs 
  • Being smart about stock options & other equity compensation  

After all, don’t you want employees to see the purpose behind these awesome perks: to help them live well at home and at work? 


Creating a Financial Plan

Your team has a lot going on with their personal finances outside of the office too. Without a plan to help them manage it all, they’re more likely to worry and be distracted by their finances at work.  

LearnLux Financial Planners are all Certified Financial Planner™ professionals, achieving the highest level of certification in their field. They can help employees create their own plan for things like spending, saving, paying off debt, and using their paycheck to make progress with important goals.

And because they are independent, unbiased financial planners, there’s no pressure for them to sell products or do anything more than give unbiased guidance and education to your team. 


Did we mention that LearnLux has tons of personal finance tools, calculators, and lessons in addition to giving employee’s on-demand access to a financial expert?

Set up a demo to see how LearnLux can help your employee’s take control of their personal finances. 


This post was originally written by Anthony Carlton, CFP®.

Tags: financial advisors

Ready to Learn More?

Tell us about your company, and we'll work together to find the best fit for you and your team.