Boost Hiring & Retention with Financial Planning in a Competitive Market
The growing demand for financial planning and advice among plan sponsors and employees is being significantly driven by the competitive labor market. As companies strive to attract and retain top talent, they are increasingly enhancing their benefits packages with meaningful support and advice. This shift is not just about offering a standard set of benefits but about adding layers of personalized financial planning and advisory services that make a real difference to employees. By doing so, employers are addressing the need for comprehensive financial well-being, which has become a key factor in employee satisfaction and loyalty.
Employees are particularly receptive to these enhanced benefits due to the current economic uncertainties. With inflation, market volatility, and fluctuating account balances, employees are seeking reassurance and clarity about their financial future. They want to ensure they are on the right track and appreciate having access to expert advice to help them navigate their financial decisions. This receptiveness creates an opportunity for employers to differentiate themselves by providing valuable resources that support their workforce’s financial health, ultimately fostering a more engaged and committed employee base.
Fred Barstein, CEO and Founder of TPSU and 401kTV, interviewed Tyler Reedman from HFM Investment Advisors after a successful TPSU program at Rutgers University in New Brunswick, New Jersey. Tyler explained that HFM is a financial planning and 401k advisory firm based at Rowan University, where he is a Certified Financial Planner focusing on employee education and working with plan sponsors. Fred and Tyler discussed the growing demand for financial planning and advice among plan sponsors and employees, driven by a competitive labor market. Tyler highlighted that employers are enhancing benefits with meaningful support and advice, and employees are receptive due to economic uncertainties. He shared that HFM has shifted from group workshops to one-on-one meetings to better address employees’ personal financial situations.
Read the Full Transcript Here:
Fred Barstein:
Greetings. This is Fred Barstein, CEO and Founder of TPSU and 401kTV. I’m here on the New Brunswick, New Jersey Rutgers campus where we just completed a TPSU program, and I’m here with Tyler, who is part of the Adjunct Lecturers, HFM Investors. So welcome, Tyler.
Tyler Reedman:
Thank you, Fred. I appreciate it.
Fred Barstein:
Okay if we ask you a few questions?
Tyler Reedman:
Go for it.
Fred Barstein:
All right. So tell us a little bit first, before we start, about your firm and you in your role.
Tyler Reedman:
Absolutely. So HFM Investment Advisors, we’re a financial planning and 401k advisory firm, down in South Jersey, actually right on Rowan University’s campus. And I am one of our Certified Financial Planners responsible for on-site employee education and working with plan sponsors and business owners.
Fred Barstein:
Great. So first question I have is, are you seeing a growing demand by plan sponsors to offer financial planning and advice to their employees?
Tyler Reedman:
I think the short answer is yes, but the reason we’re seeing it is we all know how in demand the labor market is right now, and with turnover and so much competition to find good talent, employers are getting creative about what types of benefits they’re offering, and not just offering those benefits but adding meaningful layers of support and advice on top of those benefits.
Fred Barstein:
Are you also seeing participants and employees receptive to it?
Tyler Reedman:
Yes, because we’re in such a weird economic state right now, where folks saw what happened with inflation and they’ve seen their account balances go up with nice market returns the past few years. So people feel like they’re on a good track, but they want to make sure they’re on track. They want to know what that means and be able to quantify it.
Fred Barstein:
So final question, what are some of the advice or best practices to actually reach and affect employees with your advice? What are you doing?
Tyler Reedman:
Yeah, I would say it’s twofold. In the past we were really strong with doing on-site employee workshops, getting out there and introducing ourselves. However, we have pivoted slightly into doing more one-on-one meetings with employees, where I and our other advisors will go out and spend four hours, six hours, sometimes eight plus hours at a company on-site, just meeting with employees on a one-on-one basis where they feel more comfortable talking about their personal situation.
Fred Barstein:
Great. And are you seeing more openness to it, are you doing any of the remote versus Zoom or is it all in person?
Tyler Reedman:
We do Zoom, phone calls and in person. It depends on the employer and employee preference.
Fred Barstein:
Great. So final question, Tyler, is why should a plan sponsor attend at TPSU? What’s the value for them?
Tyler Reedman:
I think the first thing is that 401k’s can feel like a different language. There’s so much jargon in our industry, and regardless of your level with retirement plans, whether you’re just somebody learning to understand the jargon, or you’re somebody that’s been exposed to it for decades, there’s so much change coming all the time, between legislative change, trends, employee needs, that TPSU is taking that information that’s at the forefront today and presenting it in ways that we’re able to digest without all the jargon, because jargon is quite difficult.
Fred Barstein:
It’s very [inaudible 00:03:32], it’s very off-putting. Great. Well thank you for participating today and 401kTV and for supporting TPSU.
Tyler Reedman:
Yeah, absolutely.
Fred Barstein:
And thank you for watching 401kTV. Please stay tuned.
