The BrightPlan Financial Wellness Coach, powered by computing and artificial intelligence (AI), advises on aspects of personal finance including spending analysis, goal-based planning, investing, debt management, estate planning, insurance and financial education, according to the firm.
The tool calculates its own BrightPlan Financial Wellness Score by utilizing a 500-point system to measure a worker’s development and progress. The platform then recommends additional steps for employees to take in order to raise their scores. This includes suggesting which funds to select and how to invest in a company’s 401(k) plan, or goals-based asset allocation recommendations for investment accounts.
BrightPlan also calculates a score for employers. The employer Financial Wellness Score uses employee data to look for gaps in the workplace, and then offers financial education, promotes benefits or recommends new features to offer employees.
“BrightPlan fundamentally changes the equation by maximizing the financial potential of employees and employers,” says Marthin De Beer, CEO and founder of BrightPlan. “BrightPlan’s Financial Wellness Coach and Financial Wellness Score empower employees to understand where they are today and where they need to go. From a strategic perspective, the BrightPlan platform can improve the top line through greater employee productivity, engagement and loyalty. BrightPlan can also improve the bottom line by reducing turnover, health care, and retirement costs.”