Strategies for Success: Harnessing Workplace Wealth Management for SEG Growth

​​In the ever-evolving world of employee benefits and financial well-being, workplace banking has taken center stage. Employers are increasingly recognizing that workplace banking programs can be more than just a means to streamline payroll and direct deposit; it's about providing a comprehensive toolkit for employees to manage their finances effectively. This includes offering access to financial education, resources, and tools that empower employees to make informed financial decisions. 

Credit unions have a golden opportunity to distinguish themselves and cultivate enduring value for their Select Employer Groups (SEGs). By strategically integrating 401(k) plans, comprehensive financial advisory services, and Health Savings Accounts (HSAs) into their SEG programs, credit unions can adeptly address a wider spectrum of financial needs, resulting in   a more competitive SEG offering, heightened member loyalty and market prominence.

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Retirement Plans
A well-structured 401(k) plan is a powerful tool for SEG employees to secure their financial future. It provides a structured platform for them to save and invest for retirement, aligning with their long-term goals. CUs that offer 401(k) plans can set your credit union apart from competitors and make you an attractive choice for SEGs looking for integrated and comprehensive financial services.

Workplace Financial Advice
Employers want workplace banking programs that include access to financial education, resources, and tools to help employees manage their finances more effectively. ​

Fiduciary financial advisors can empower SEG employees with tailored financial guidance that covers budgeting, investing, retirement, and estate planning. The delivery of this one-on-one advice is an effective strategy to increase memberization. 

Investable Health Savings Accounts
As HDHP enrollment continues to increase, employers are looking to offer their employees an integrated Health Savings Account solution. CUs that respond to the contemporary healthcare landscape with investable HSAs can provide their SEGs with a powerful tool for managing healthcare costs and preparing for retirement. 

Incorporating 401(k) plans, financial advisory services, and HSAs into your SEG program represents a strategic triumph that garners mutual benefits for SEGs and your credit union. It allows you to comprehensively address financial needs, gain a commanding edge in the market, enhance member allegiance, drive revenue growth, and solidify your stature as a trusted financial partner. As credit unions continue to evolve and diversify their offerings, embracing these pivotal services presents a dynamic opportunity to bolster your position in the financial services arena and make a resounding impact on the financial prosperity of SEGs and their members. Elevate your SEG offering today for a brighter financial tomorrow. 

Interested in adding wealth management as part of your SEG offering?

Our team can help! Contact us today.