Video tutorial: Close Brothers reveals how to find the best financial wellbeing solution for staff


A successful financial wellbeing strategy has to have three elements – education, access to advice for those who need it and access to a range of savings solutions outside of workplace benefits if required, according to Jeanette Makings, head of financial education at Close Brothers.

Speaking at the Employee Wellbeing Congress 2018 she outlined the components needed for a successful financial education framework. However, she said organisations also needed to look at where they were getting advice from – revealing the constraints of different providers in meeting the seven needs and requirements of financial education that Close Brothers had identified.

Simon Williams, financial planner at Close Brothers, said there were currently 5,219 firms offering financial advice but only one per cent have more than 50 advisors – meaning that resources are stretched, he said.

“We are seeing a huge amount of confusion and need to make sure that we have a financial wellbeing programme that enables your employees to genuinely use the right product for their need, rather than be forced down the route because that’s the one or two products you offer them,” he said.

Makings explained how to most efficiently find providers. “Have very clear objectives about where you start and what you want to end up with,” she said.

This video was recorded at the Employee Wellbeing Congress 2018, held in London on 5 July.


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