Employee Financial Education and Counseling

Transcription

1 Employee Financial Education and Counseling

2 Employee Financial Services Collaborating to achieve goals Our mission To help organizations communicate to their people the value of their benefits and compensation plans To help people develop skills to make informed decisions and take action to enhance their financial well-being Our pledge To serve as a trusted advisor delivering independent, objective financial education and counseling with no real or perceived conflict of interest Page 2

3 Employee Financial Services Industry experience and credentials Since 1978 we ve provided financial education and counseling to more than 3 million employees in more than 150 organizations We currently serve 40 organizations covering approximately 2 million employees Our services have been recognized through numerous industry awards Ernst & Young named 2011 Plan Sponsor of the Year for benefits offered to EY employees, including full range of employee financial education and counseling resources Page 3

4 Employee Financial Services Professional credentials, experience and culture Dedicated professionals 120 people; approximately 80 are financial planners 2 call center locations (Secaucus, NJ, and Tampa, FL) Experience Average 10 years in the financial planning field At least 3 years financial planning or relevant client experience Credentials Undergraduate degree mandatory; graduate degree desirable Have or working towards at least one formal, recognized credential (e.g., CFP, CFA, JD, CPA, PFS, MBA, EA) Career path Commitment to excellence in client service Dedication to nurturing and sustaining long-term relationships Page 4

5 Employee Financial Services Scope of services Holistic financial education and counseling Retirement planning Investment planning Budgeting and managing debt Insurance planning Life Health care Disability, long-term care Auto, home, umbrella Tax planning Education planning Estate planning Topic-specific guidance Benefit choice or change Retirement plans Health care plans Supplemental savings plans Equity plans Affordable Health Care Severance counseling Open enrollment/new hire benefits counseling Survivor Financial Counseling Service Tax desk for financial advisors Page 5

6 Employee financial education workshops/webinars Compelling, hands-on learning leading to specific items for action A wide range of live workshops, webinars, teleconferences and on-demand videos, each fully customized for length and to include company benefits and resources Career-stage series Employee benefits Retirement planning Health care consumerism and financing Managing cash and debt Education planning Separation assistance Estate planning Insurance planning Equity-based compensation Income tax planning Many more! Page 6

7 EY Financial Planner Line Personal help empowering employees to confidently take action Unbiased, personal, confidential financial education and guidance Answers to immediate questions and help setting and quantifying goals Support with making informed decisions, utilizing employer benefits and taking action Collaborating to identify and address pressing needs and follow up on other priorities Page 7

8 EY Financial Planning Center website Web-based resources for financial education and planning Financial education content driven by life events Live monthly webinars and access to recorded sessions Understanding Personal Finances newsletter Financial calculators My File Cabinet for direct and secure exchange of information Appointment scheduler Client-specific resources Page 8

9 What do Millennial Callers want to discuss? Don t understand company plans and benefits Want to understand savings options for retirement Learn how tax deferred accounts work Clarify differences between Roth and pretax accounts Unsure of how to invest retirement savings May have limited investment experience Confused by investment choices in retirement plans Get advice from co-worker or parent that may be inappropriate for them Overwhelmed by information on-line Tend to be too conservative as result of lack of knowledge May overreact to short term volatility Page 9

10 What do Millennial Callers want to discuss? Difficult for them to imagine their retirement many years in the future With job mobility, unlikely to stay in one position and accumulate significant benefits May cash out 401(k) plans from prior employer rather than rollover balance Challenged to save for retirement against more current needs and wants Don t understand the impact of inflation on their future retirement needs Underestimate increasing life expectancies and need to save for a longer retirement Page 10

11 What do Millennial Callers want to discuss? Cash Flow and budgeting Struggle to meet current expenses and save for future goals May not have an emergency fund Distanced from physical act of spending money, so don t understand where the money goes Could have debt issues credit cards, student loans Want to understand their credit score and how to improve it Need help understanding taxes and how to adjust withholding from wages Page 11

12 Employee Financial Services Making a difference in each employee s life Progressive Empower employees to live the life they dream through thoughtful, resource-supported financial planning Responsible Help communicate the value of company-provided benefits and pay programs and help employees leverage these resources to support personal financial well-being Innovative Educate employees through a variety of integrated, simple to find and use resources Action -oriented Empower employees to take action to improve their financial fitness through planning driven by life events Page 12

13 EY Assurance Tax Transactions Advisory About EY EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com. About Ernst & Young LLP s Employee Financial Services practice Often people lack the time and knowledge to understand the economy, retirement savings, health care costs, personal debt and other money matters. We help your people develop skills to make informed decisions and take action to enhance their overall financial well-being. We accomplish this by helping organizations build, test, implement and improve financial education programs that support the organization s mission and goals. Our client-tailored approach includes education and counseling to help people achieve a greater understanding and appreciation of their compensation and benefit programs. For more information about our services, please visit ey.com/efs. Any investment services provided by Ernst & Young LLP employees are performed under the supervision of Ernst & Young Investment Advisers LLP ( EYIA ). Additional information about EYIA is available on the SEC s website at Ernst & Young LLP. All Rights Reserved. Page 13