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BrightPlan Introduces Revolutionary Financial Wellness Coach

Enterprise Financial Wellness Platform Provides Employees with Transformational New Technology to Achieve Financial Well-being

BrightPlan, the Silicon Valley technology company revolutionizing financial wellness benefits for the Fortune 1000, launched the BrightPlan Financial Wellness Coach, a first-of-its-kind digital experience that helps employees achieve financial wellness.

Powered by cognitive computing and AI, the BrightPlan Coach™ creates a personalized financial plan and provides ongoing guidance and actionable next steps for employees. The Coach advises on every major aspect of personal finance: spending analysis, goals-based planning, investing, debt management, estate planning, insurance, and financial education.

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The BrightPlan Coach™ also calculates a BrightPlan Financial Wellness Score™. Based on a 500-point system, the Financial Wellness Score continually measures an employee’s progress against their financial plan and also reflects changes in the financial markets. By gamifying the financial wellness process, employees are encouraged to take steps to increase their score and their financial well-being. The patent-pending BrightPlan Financial Wellness Coach™ intelligently suggests next steps and opportunities right in BrightPlan mobile and web app.

Just as revolutionary, BrightPlan calculates an aggregate Financial Wellness Score for an employer. The employer Financial Wellness Score, which uses anonymized employee data, helps identify gaps in the financial wellness of employee groups. With those insights, BrightPlan can help employers offer applicable financial education to employees, promote existing, under-utilized benefits, or recommend new benefits. Today, employers have no true understanding of their employees’ financial wellness nor the increasing financial stress they are under. Research has repeatedly shown that financial stress is the top concern in the workplace.

“Financial wellness is a universal need, like quality healthcare and education,” said Marthin De Beer, CEO and Founder of BrightPlan. “Across the country, a lack of financial acumen and access to quality financial advice have caused undue stress for employees and has been a notable drag on corporate performance. The financial services industry has unduly profited from this knowledge gap for decades.

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“BrightPlan fundamentally changes the equation by maximizing the financial potential of employees and employers,” he said. “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, healthcare, and retirement costs.”

A Solution Like No Other

Unlike other financial wellness solutions, BrightPlan is unique from end-to-end:

  • The BrightPlan Coach™ recommends which funds to select and how to invest in an employer’s 401(k) program based on the employee’s financial plan. The Coach also offers goals-based asset allocation recommendations for investment accounts held by an employee at other financial institutions.
  • BrightPlan provides fully automated investment management, providing employees with a low-cost, sophisticated solution to implement their investment plan.
  • The BrightPlan Financial Wellness Score™ is derived from an employee’s individual circumstances, not third-party surveys that provide a static snapshot.
  • BrightPlan is the best of both worlds – a digital coach complemented by a team of financial advisors from Plancorp, a sister firm and a SEC-registered advisor with more than $4 billion in assets under management. The combination of digital advice and human advisors helps employees in all aspects of their financial lives and is a wholly unique approach to financial wellness.
  • BrightPlan is the only digital financial wellness provider certified by CEFEX for fiduciary excellence. BrightPlan delivers independent advice in the employee’s best interest.

“Financial wellness is the most important new employee benefit in a generation, and it fundamentally redefines the contract between employers and employees,” De Beer said. “By providing employees access to sophisticated and personalized financial advice, employers are investing in their most valuable asset — their people.”

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