Empowering SEG Programs with Financial Wellness

In the past, credit unions made efforts to grow their Select Employee Group (SEG) business through a basic offering of share accounts coupled with attractive loan rates. Today, that offering is simply not enough. Employers are now searching for providers that can deliver a full suite of services ranging from the traditional banking & loan products all the way through to retirement planning and workplace financial advice. For credit unions looking to distinguish themselves in the crowded business banking marketplace, incorporating a financial planning program into their SEG offering presents an attractive growth opportunity.
​
Focus on Financial Wellness
The financial wellness of employees has taken a front seat in the strategic planning of many employers. Financial stress among employees is a growing concern for many organizations. It can lead to decreased productivity, higher absenteeism, and lower job satisfaction. By offering workplace financial planning services, credit unions can help alleviate these issues, demonstrating their commitment to the well-being of SEG members. There are four key areas where credit unions can utilize advisory and wealth management services to significantly enhance their SEG value proposition. 

---

Education Initiatives & Workshops 
​Financial advisors can provide tailored educational workshops on financial literacy, investment strategies, and retirement planning. These initiatives not only empower SEG members with knowledge but also open opportunities for deeper engagement and discussions about their financial planning needs.
​
Personal Financial Advice
Employees need access to financial advisors to understand their benefits and plan for their future. By providing access to financial advisors, credit unions address the specific financial concerns and goals of each SEG member, fostering a deeper connection and trust. Moreover, such tailored advice can be augmented with digital solutions, like personalized online dashboards and mobile apps, allowing members to access customized financial insights and track their progress anytime, anywhere.​​

Retirement Plans
For the majority of Americans, a company retirement plan is their only long-term savings vehicle. Credit unions have a compelling opportunity to offer retirement plans (such as 401(k)s as part of their SEG services as they present a strategic avenue for growth and member satisfaction. By adding retirement planning to their offering, credit unions can provide a vital service that resonates deeply with SEG members' long-term financial needs.

Investable Health Savings Accounts
More than 55% of Americans were enrolled in HDHPs in 2021 - with this number expected to increase according to Value Penguin. Credit unions can offer Health Savings Accounts (HSAs) with investable options as part of their SEG offering. HSAs, especially those with investment options, align perfectly with the growing focus on healthcare and financial wellness in the workplace.​

The integration of a financial planning program into a credit union’s SEG offering is a strategic move towards solidifying and expanding its relationships with SEGs. It reflects an understanding of the comprehensive financial needs of SEG members and positions the credit union as a pivotal partner in their financial journey. For credit unions aiming to enhance their SEG business, this integration is not just an advantageous addition; it’s a key strategy for sustainable growth and member satisfaction.


Get In Touch
Interested in offering a wealth management program to your membership or reviewing your current program? Please contact Michael McDermott, Head of Program Management at 708-487-1458 or [email protected]