Hub FinPath Solution Seeks to Boost Employee Resilience

The new financial wellness solution aims to help employers round out the benefits programs they use to attract, retain and engage workers.

Hub Retirement and Private Wealth, a division of Hub International Limited, has announced the launch of HUB FinPath, billed as a financial wellness service for employers of all sizes.

Joe DeNoyior, president of Hub Retirement and Private Wealth, says employers are increasingly focused on the financial wellness of their employees.

“With HUB FinPath, we are helping employers round out their benefits that they can leverage to attract, retain and engage their best workers, as well as boost their employees’ overall wellness,” DeNoyior says.

DeNoyior says FinPath provides employees access to financial coaches, unbiased guidance and a comprehensive suite of interactive learning and planning tools, all meant to help them better manage their financial lives.

The base of HUB FinPath is an interactive online learning center supported by certified personal financial counselors. The wellness approach is meant to allow plan advisers and their clients to work together and provide resources to help employees address needs such as emergency savings, budgeting, spending, credit score improvement, retirement planning and debt management.

Employees gain access to one-on-one confidential meetings with a certified HUB FinPath financial coach. The firm emphasizes that these coaches do not work on commission and are “completely unbiased.” The coaches are available in person or via phone, email or video chat.

In addition to live and on-demand interactive courses, the solution features more than two dozen financial health online tools to help employees achieve their goals, manage and reduce debt, get control of spending and plan for emergencies.

The launch of Hub’s new service comes at a time when the retirement plan industry is seeking to deliver more holistic and responsive services that can help individuals address shorter-term financial needs—especially individuals lower down on the pay scale. According to EBRI, workers with household incomes of $75,000 or more are more than twice as likely to say they feel they can handle an emergency expense than those with household incomes of less than $35,000.

The EBRI survey results show a little more than a third of workers and a little less than a quarter of retirees agree that long-term retirement savings is not a priority relative to the current needs of their family. Workers and retirees who have the lowest incomes (less than $35,000), accumulated savings of less than $10,000 and a major problem with debt are more likely to agree with this statement than those with the highest incomes, the most savings and the lowest debt. Also, according to EBRI’s analysis, workers younger than age 45 are more likely to agree with this assertion than workers age 45 or older.