Wealth management giant UBS on Thursday added new benefit offerings aimed at improving employee personal finances, including a partnership with Morningstar and other providers to tackle student loan debt, at retirement and overall financial well-being.
The offerings will be added to the existing UBS Workplace Wealth Solutions platform – launched in January – which has been revamped to enable the service to offer one-on-one coaching and digital tools. UBS currently offers benefits to 10,000 employers and their 2 million employees.
“Financial wellness programs help employees feel less stressed about their personal finances and more focused on their jobs,” says Michael Barry, head of wealth management solutions at UBS Global Wealth Management, of their platform. .
Barry noted that the changes align with their strategic goals and will help employees understand the benefits of their business and improve their personal finances.
“We want to help employees develop a better relationship with their money and benefits by providing them with stronger financial well-being that touches them where they are today,” he says.
UBS has partnered with FutureFuel.io to deliver student loan benefits to clients. FutureFuel.io offers several options for tackling student debt, including refinancing and payment plans – all of which are tailored to individual situations through individual consultations. Their programs can be tailored for graduates of all ages, and even parents who have co-signed their children’s loans. The digital advantage claims it can help employees save $ 15,000 in accrued interest and pay off student loans four years earlier.
“There is a huge amount of student loan debt in this country – from the reserve to the boardroom,” says Laurel Taylor, Founder and CEO of FutureFuel.io. “Eighty-six percent of student borrowers say they can’t participate in retirement savings; Unless employers can help them manage student debt, they will not be well positioned for their future financial health. “
UBS also makes it easier for small businesses to offer retirement plans to their employees. The company has partnered with Morningstar to create the digital platform UBS’s Retirement Plan Advisor, which will leverage Morningstar’s expertise to advise small businesses on the best investment and retirement strategies for their specific business. The new offering will combine one-on-one consultations with retirement experts and digital alerts to keep business owners up to date on investments.
“One-third of small businesses don’t get trust advice from companies like ours; identifying investments and managing fund performance are essential and take some of the burden off the shoulders of these companies, ”Barry says. “This way they can focus on growing their business and securing the financial future of their employees.”