Option 2: Map My Plan
The goal of any financial wellbeing program should be to improve the financial fitness of employees and reduce their financial stress – and the best way to decrease financial stress is to have a plan. Hence, Map My Plan helps employees build a personalised financial plan.
“We are different to most advisers in that we do not sell any financial products – we just focus on advice. We guarantee to never sell financial products to our clients – essentially eliminating a significant conflict inherent in the industry,” says Feeney.
Map My Plan is an automated and self-directed service that enables anyone to create a personalised financial roadmap without the need to engage an adviser. An initial three-minute online survey helps employees get their personal financial fitness score and from there an automated financial planning tool helps them create their ‘roadmap’.
“We customise the general Map My Pan service to deliver a unique tool that provides financial education in the form of a personalised holistic financial plan in the context of their goals and current situation,” Feeney says. “The process of building a personalised plan engages an individual to understand their situation and the implication of today’s decision on their goals.”
Feeney adds that, in his view, just hosting seminars or passing on information to employees is not sufficient. The information and knowledge needs to have context to the individual. It needs to help them address questions or issues they have about their current situation.
“Financial literacy programs are great, but most of them are missing a key ingredient – context. It doesn’t make sense to provide information about getting income from super for someone in their 30s. Generic seminars are useful but only when the information is personalised does it become truly valuable,” he says.
Map My Plan is a living plan that continually changes as someone’s situation changes. “It puts them back in control of their financial planning,” Feeney says.
Specific employee benefits can be incorporated into the employer’s unique ‘version’ of Map My Plan – for example, where a company provides insurance for its employees, information and even an internal HR contact for more info can be incorporated into the online tool.
Employers never see any individual data but Map My Plan does provide macro-level information on the financial fitness of their workforce and what pressures their workforce is facing.
Employers pay Map My Plan an annual fee per employee of less than $1 per week. “There are no products; this is the only fee we receive. There may be a minimum annual fee depending upon the level of customization,” says Feeney.