BrightPlan, a financial wellness benefits provider, announced it is making its platform available at no cost during the coronavirus crisis to companies with more than 1,000 employees.
One tangible measure of heightened financial anxiety is that employees are checking their retirement portfolios three times more than normal, according to BrightPlan data. Working with employers, BrightPlan has also found that employees look to their employers for financial guidance during periods of economic uncertainty.
This initiative is intended to assist employers in helping their employees make good financial decisions during the economic upheaval resulting from the coronavirus outbreak. Everyone needs to review their budget and financial goals in light of economic uncertainty and the recent stock market correction, BrightPlan says.
Its goals-based financial wellness platform addresses each aspect of personal finance—budgeting, spending, savings, debt management, investing, insurance and estate planning. BrightPlan delivers certified fiduciary advice through its mobile app, integrated with experienced financial advisers, enabling employers to make this benefit available immediately to their employees.
The firm says its budgeting and financial planning capabilities can be particularly useful in calculating the benefit of government assistance programs, which include the temporary suspension of mortgage and student loan payments, the deferral of federal and state tax payments, and penalty free withdrawals from individual retirement accounts (IRAs) and defined contribution (DC) retirement plans.
“BrightPlan’s financial wellness solution helps employees gain clarity and control of their personal finances during a period of uncertainty,” says Marthin De Beer, founder and CEO of BrightPlan. “For employers, reducing financial stress helps their employees stay focused, which helps organizations achieve their objectives. This is a moment that matters to employees. Providing comprehensive financial wellness support immediately for employees is a way for employers to act now without having to worry about budgets.”More information about BrightPlan is at https://www.brightplan.com/connect-with-us.