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FinFit - Direct Employer

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on 10 December 2018

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Transcript of FinFit - Direct Employer

The Benefit That Helps Your Clients Succeed By Making Employees Happier 
The assessment covers all aspects of financial education and budgeting, and includes all aspects of financial wellness including the basics:
HOW DOES FINFIT WORK?
Every new member starts by taking a personal financial fitness assessment
This provides a standard-setting personalized financial fitness plan that guides the user to the resources within FinFit they can use to improve their financial fitness.
FinFit is designed to be personalized for each employee to:
Help end the cycle of debt
Build a foundation for a strong financial future
Banking & Credit

Spending

Savings

Retirement

Identity Theft

Long Range Planning & Insurance
Taking the assessment is required to get a loan.
FinFit serves over
100,000
US employers
reducing churn and providing incremental revenue. This is achieved by giving employers a way to outsource the risk of helping their employees.
Employees become more loyal and focused
FinFit Loans
FinFit knows that no matter how well educated an employee is financially, life happens.
Annual salary is at least $20,800
Employees typically qualify for a FinFit loan if:
Employed for at least 6 months
Active checking account
All of it can be delivered automatically via API
Minimal effort is involved in announcing the program and it provides transformative results.
because they are given the tools to manage their own financial wellness, at their own pace and have a solution for when life happens.
FinFit serves our payroll service bureau & PEO partners by:


Americans on average haven’t been great at managing their financial wellness.
As a result, Financial Wellness is a topic many businesses are looking into adapting as part of their voluntary benefits package.

WHY DO YOU NEED FINFIT?
For the benefit of the employer and employee, we prefer employees to not receive a 401k, pay advance or payday loan, and opt instead for a FinFit loan. This helps both the employer and the employee avoid potential problems

SOURCES
1. MetlifeEmployee Benefits Trend Study 2015
2. International Foundation of Employee Benefit Plans

http://www.ifebp.org/pdf/financial-education-2016-survey-results.pdf
3. The Center for Employee Health Studies (IUC-2014)
4. International Stress Management Association, 2001
5. Forbes, 2012
6. Metlife, 2016
7. CNN Money, 2013
8. Borrowing from the Future: 401(k) Plan Loans and Loan Defaults -
https://www.asppa.org/Portals/2/PDFs/White%20Papers/WP2014-01.pdf
9. FinFit Survey 2014
10. Stress in America™ Are Teens Adopting Adults’ Stress Habits?
http://www.apa.org/news/press/releases/stress/2013/stress-report.pdf

DISCLOSURES
FinFit’s Financial Wellness Program, which includes educational content, a Financial assessment and a Financial dashboard, are free to registered members. Loans and other ancillary services offered may incur fees and/or interest. All fees will be disclosed prior to entering into any agreements.

FinFit Loans are issued by Celtic Bank, a Utah-Chartered Industrial Bank, Member FDIC. Loans are subject to credit approval.Residents of Colorado, Connecticut, Massachusetts, Iowa, Vermont, Nevada and West Virginia are not eligible for loans. This does not constitute an offer or solicitation for loan products to residents of those states.

FinFit's Ready University
The personalized action plan includes
free financial educational courses through
Topics range from:
Bank Accounts
Credit Scores
Buying a Home
Investing
Student Loans
Retirement
Several interactive courses and guides on specific topics to quickly help get employees financially fit. These interactive courses include videos, voiceovers, interactive charts, and graphs.
FinFit's Financial Dashboard
A central financial application to help put into practice and manage what they have learned.
A bank level secure dashboard that employees can link:
Bank Accounts
Bills
Credit Cards
Other financial information
Goal Calendar
Timelines & Budgets
Stay on Track with Alerts
TODAY
TOMORROW
We will serve you!
Set-up Benefit
Enjoy
Success!
Sign
Agreement
1
3
4
FROM AGREEMENT TO APPLAUSE
FinFit has transformed thousands of lives
& helped our clients separate themselves from the competition.
60%
2
Roll out
to Employees
PROBLEM #1
76% of Americans are living paycheck to paycheck
from millennials to older boomers. Over one-third of those who are considered financially struggling make
more than $60,000 a year.
PROBLEM #2
Reduces/Eliminates 401(k) and Employer Advances
Keeps Employee Focused on their Job
High Participation (upwards of 30-40%)
Helps with employee retention
FinFit makes you a lifesaver
25% of employers give payroll advances
This can cause a number of administrative and regulatory issues.
Outsourcing a loan or payroll advance program to FinFit removes these hurdles.
Borrowing from the Future: 401(k) Plan Loans and Loan Defaults https://www.asppa.org/Portals/2/PDFs/White%20Papers/WP2014-01.pdf
As Seen In:
Creates focused & productive employees
FinFit requires that employees take the financial assessment prior to applying for a FinFit Loan – to show that they are engaged in improving their financial wellness.
FinFit serves over
100,001
US employers
TODAY
TOMORROW
We will serve you!
Provided by FDIC regulated bank
Helps both employer and employee avoid potential problems
Reduces requests for Pay or 401(k) advances and employees taking high-interest loans
2
The assessment covers all aspects of financial education and budgeting, and includes all aspects of financial wellness including the basics:
HOW DOES FINFIT WORK?
Every new member starts by taking a personal financial fitness assessment
This provides a standard-setting personalized financial fitness plan that guides the user to the resources within FinFit they can use to improve their financial fitness.
FinFit is designed to be personalized for each employee to:
Help end the cycle of debt
Build a foundation for a strong financial future
Banking & Credit

Spending

Savings

Retirement

Identity Theft

Long Range Planning & Insurance
Taking the assessment is required to get a loan.
FinFit serves over
80,000
US employers
FinFit Loans
FinFit knows that no matter how well educated an employee is financially, life happens.
Annual salary is at least $20,800
Employees typically qualify for a FinFit loan if:
Employed for at least 6 months
Active checking account
For the benefit of the employer and employee, we prefer employees to not receive a 401k, pay advance or payday loan, and opt instead for a FinFit loan. This helps both the employer and the employee avoid potential problems
FinFit's Ready University
The personalized action plan includes
free financial educational courses through
Topics range from:
Bank Accounts
Credit Scores
Buying a Home
Investing
Student Loans
Retirement
Several interactive courses and guides on specific topics to quickly help get employees financially fit. These interactive courses include videos, voiceovers, interactive charts, and graphs.
FinFit's Financial Dashboard
A central financial application to help put into practice and manage what they have learned.
A bank level secure dashboard that employees can link:
Bank Accounts
Bills
Credit Cards
Other financial information
Goal Calendar
Timelines & Budgets
Stay on Track with Alerts
TODAY
TOMORROW
We will serve you!
Communication
to your clients
Enjoy
Success!
Sign
Agreement
15 Minutes
to Set Up
1
4
5
FROM AGREEMENT TO APPLAUSE
FinFit has transformed thousands of lives
& helped our clients separate themselves from the competition.
60%
3
Rollout
to Employees
PROBLEM #1
76% of Americans are living paycheck to paycheck
from millennials to older boomers. Over one-third of those who are considered financially struggling make
more than $60,000 a year.
PROBLEM #2
Reduces/Eliminates 401(k) and Employer Advances
Keeps Employee Focused on their Job
Free program w/ High Participation (upwards of 30-40%)
Helps with employee retention
FinFit Makes Your Clients a Hero To Their Employees
25% of employers give payroll advances
This can cause a number of administrative and regulatory issues.
Outsourcing a loan or payroll advance program to FinFit removes these hurdles.
Borrowing from the Future: 401(k) Plan Loans and Loan Defaults https://www.asppa.org/Portals/2/PDFs/White%20Papers/WP2014-01.pdf
Revenue Projections
As Seen In:
Adds profit from revenue share

15 minutes to set up

Zero investment for you and no cost to employers and employees

Eliminates Employee borrowing and 401K advances


TURN 10,000 W2’S INTO
OVER $85,000 IN REVENUE
FDIC regulated
Eliminates 401K loans
Pay advances
Helps both employer and employee avoid potential problems
No work, No Risk, No liability
Payroll deductions help employees make timely payment and helps their credit
FinFit requires that employees take the financial assessment prior to applying for a FinFit Loan – to show that they are engaged in improving their financial wellness.
FinFit serves over
80,001
US employers
TODAY
TOMORROW
We will serve you!
As Seen In:
If they meet all of these requirements, they may typically have access to 50% of their gross monthly income as a FinFit Loan.
Loans range from
$500 min - $10,000 max
5 month term
Payroll deduction is a repayment option
The employer is not responsible for the loan
FinFit Loans are subject to credit approval
International Stress Management Association 2001 -
$300 Billion – Cost of STRESS resulting in turnover, absenteeism and loss of productivity
The Center for Employee Health Studies (UIC-2014)
50% Greater health-care costs for workers reporting high level of financial stress
2016 Charles Schwab Survey – 41%-67% of employees spent time at work taking care of personal finances
2016 Charles Schwab Survey – 41%-67% of employees spent time at work taking care of personal finances
Over 70% of working Americans state that financial stress is the most common cause of stress.
“Ten percent of all of the photographs made in the entire history of photography were made last year,” according to Time Magazine.
Banging your head against the wall burns 150 calories an hour
90% of Working Americans are worried about their finances – Time Magazine
of Employees who used high-interest Payday and Title loans haven’t used a high-interest lender since starting FinFit
FinFit Loans
Require Member to take Financial Fitness Assessment
Loans range from $500 min - $10,000 max
5 month term
FinFit loans ARE subject to credit approval
If they meet all requirements, they may typically have access to 50% of their gross monthly income as a FinFit loan
Retain your staff
Eliminates Employee borrowing and 401K advances
Minimal to no work set up and roll out
Employer is never responsible for the loan
Full transcript