Digital solution enables better personal finance outcomes for employees and a modern benefit set for employers
Mercer, a global consulting leader in advancing health, wealth and careers and a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), today announced the launch of Mercer Financial Wellness and its initial consumer financial services providers.
As a result of limited time and resources, many employers struggle to deliver a broad financial wellness program to their employees. Mercer Financial Wellness is a digital solution that integrates independent financial wellness providers into a single platform. With Mercer Financial Wellness, employers can spend more time focusing on the strategic aspects of their financial wellness program while offering employees access to expert providers of financial services.
“Employees are increasingly interested in their employer providing benefits that help them with their overall financial wellness – moving beyond the focus on retirement to address a wide range of individual financial needs from individual coaching to challenges facing new families to better debt management,” said Tom Murphy, US DC & Financial Wellness Leader at Mercer. “Our goal is to provide an integrated experience that drives behaviors to optimize the financial well-being of individuals at every stage of their lives. This kind of holistic approach has the potential to dramatically strengthen and distinguish employer value propositions.”
Mercer Financial Wellness combines an easy-to-use digital platform with expert consumer financial services providers, the first of which include:
Plaid: tools to help individuals aggregate financial accounts and take steps to gain insights into spending and monthly budgets.
Transamerica®: retirement counselors to provide individuals information about the choices associated with retirement savings, social security optimization, and IRAs.
Experian: credit score management and the ability for individuals to understand and take control of their FICO® Score.
Avant: unsecured personal loans for qualified individuals facing cash flow shortages or consumer debt.
CommonBond: options for individuals to save money by refinancing their student loans.
Mercer Financial Wellness will continue to roll-out additional providers and services, including in the near future access to robo-advised investment accounts for non-qualified assets and one-on-one personal financial coaching services.
“Employees are stressed about their financial lives, often feeling a lack of control over basic financial decisions,” Murphy continued. “The most effective financial wellness programs help people understand the options that are available at the right time to improve their financial situation and create simple ways to take advantage of these options. With the Mercer Financial Wellness platform, employers have the ability to help their diverse workforces address these critical needs to help ensure their financial security and enhance employer loyalty and productivity.”
Mercer is a global consulting leader in talent, health, retirement and investments. Mercer helps clients around the world advance the health, wealth and careers of their most vital asset – their people. Mercer’s more than 20,000 employees are based in 43 countries and the firm operates in over 140 countries. Mercer is a wholly owned subsidiary of Marsh & McLennan Companies (NYSE: MMC), a global professional services firm offering clients advice and solutions in the areas of risk, strategy and people. With annual revenue of $13 billion and 60,000 colleagues worldwide, Marsh & McLennan Companies is also the parent company of Marsh, a leader in insurance broking and risk management; Guy Carpenter, a leader in providing risk and reinsurance intermediary services; and Oliver Wyman, a leader in management consulting. For more information, visit www.mercer.com. Follow Mercer on Twitter @Mercer.
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