For Employees and Employers Alike
Financial education—or the lack thereof—has become a glaring issue for businesses and their employees. Many employers offer 401(k) plans or ESOPs (Employee Stock Ownership Plans), yet their employees struggle with the basics of planning for their future. For NorthStar Financial Group, the realization of this gap in financial literacy was the catalyst for launching their Financial Fitness Program.
“Over the years, we’ve constantly heard from business owners that their employees weren’t getting the support they needed with their retirement plans,” Sr. Financial Advisor and Owner/Partner Jay Stibbe said. “There is a need for financial education. That’s why we are so passionate about Financial Fitness.”
What is the Financial Fitness Program?
NorthStar’s Financial Fitness program is a structured financial education service designed to remove liability from employers who, traditionally, can oftentimes find themselves giving financial advice informally. This might seem innocent, but if an employee experiences losses, the employer could be held liable. That’s one reason why working with a group like NorthStar Financial Group is important.
“Owners and HR professionals are often the first point of contact for employees with financial questions, but they’re not licensed financial advisors,” Sr. Financial Advisor and Owner/Partner Jon Anas said. “If they try to help, they could inadvertently give investment advice, which is a liability risk. We step in to provide unbiased, fiduciary guidance to ensure employees get the right answers without putting the company at risk. We are also able to save the company time because if they have our financial fitness program as a resource, they can say no to the frequent requests they get from financial advisors who want to come in to promote their business.”
The other benefit of the program is that it helps your employees, which, as an employer, you care about!
“Employers have a genuine connection to their employees doing well,” Anas said. “They become part of a family with them. It’s not like they stop caring about these people when they retire. So, it’s better to have educated employees that are saving enough so that they can be financially successful.”
The program functions through a combination of methods tailored to meet the needs of different organizations. These include:
- Consultations with business owners to assess their current employee benefits and identify gaps.
- Customizable education formats, including video snippets, in-person lunch-and-learns, and live webinars.
- One-on-one financial consultations to help employees make informed decisions about savings, investments, and retirement planning.
- Financial planning for employees, including basic roadmaps and advanced financial strategies.
- 401(k) and ESOP consulting to make sure employees understand their options and make the most of their benefits.
Meet The Team Behind NorthStar Financial Group
Chad Zimmerman, Sr. Financial Advisor and Owner/Partner holds the essential securities and insurance licenses, including the Series 7, 63 and 66 licenses, necessary to provide comprehensive financial solutions. His extensive experience allows him to take a well-balanced and long-term approach to managing clients’ investment portfolios.
Jay Stibbe, Sr. Financial Advisor and Owner/Partner recently earned the Retirement Income Certified Professional (RICP®) Professional Designation. This allows him to provide advice on a broad range of retirement topics including income needs and objectives, legacy issues, and Social Security. He has helped numerous individuals and couples accomplish a comfortable retirement. Additionally, Stibbe has helped solve and advise on income in retirement.
Jon Anas, Sr. Financial Advisor and Owner/Partner holds his Series 6, 7, 10, 63, and 65 registrations. He also has earned the Retirement Income Certified Professional (RICP®) Professional Designation from The American College of Financial Services. Anas can provide advice on a broad range of retirement topics including income needs, healthcare planning in retirement, estate gifting, and Social Security.
Devon Kelley, Associate Financial Advisor’s time at NDSU allowed him to gain real-world experience being a member of the Bison Fund, where he did in-depth analysis of companies. He also assisted in the seamless transition to Commonwealth, integrated existing business operations with advanced technology, and supported 401(k) servicing. He holds the series 7, 63, and 66 securities registrations and has worked and learned from the partners at NorthStar since February of 2022.
Jackie Wood, Branch Operations Manager manages the daily operations while assisting Jay, Jon, and Chad with client appointments and planning.
The Employee Perspective: Why This Matters
For an employee who is uninformed, financial planning can feel overwhelming and out of reach. Many assume wealth management services are reserved for high-net-worth individuals and that they wouldn’t qualify for financial advising.
NorthStar aims to remove that barrier by making financial education accessible. They want to reach employees whether they are fresh out of college or nearing retirement and help them receive guidance suited to their current financial situation.
“A lot of people don’t understand how their 401(k) works,” Associate Financial Advisor Devon Kelly said. “They don’t learn it in high school or college. I’ve helped people who didn’t even know how to enroll, let alone what funds to choose. Educating employees early makes a huge difference and helps them achieve their goals no matter what stage of life they’re in.”
The Employer Perspective: Reducing Risk and Enhancing Employee Retention
For employers, the Financial Fitness Program is a risk-mitigation strategy and a talent retention tool.
“I can’t tell you how relieving it is for employers to know their employees have access to trusted, unbiased resources for financial education,” Stibbe said. “Employers are also relieved when they no longer have to worry about accidentally giving financial advice.”
Beyond liability protection, the program helps businesses retain talent. Employees who are financially secure are less likely to leave a job due to money-related stress.
“An employee who is constantly worried about money may start looking for a job that pays slightly more, even if they love their current job,” Sr. Financial Advisor and Owner/Partner Chad Zimmerman said. “Educating employees about their financial future increases job satisfaction and long-term retention. Employees who are financially secure are also more engaged and productive.”
A common objection from business owners is that they already have a 401(k) provider who should be handling employee education. However, the reality is that many of these providers offer minimal education—often limited to an annual meeting with limited one-on-one support.
“We’re here to provide ongoing education. Most 401(k) providers come in once a year and ask if there are any questions before they leave,” Zimmerman said. “We make sure employees have access to financial education throughout the year.”
Did You Know?
57% of employees say finances are the top cause of stress
53% of employees are worried about their expenses or the rising cost of living
A Mission-Driven Approach To Financial Wellness
“This isn’t about making a quick buck,” Stibbe said. “We’re at the stage in our careers where we want to leave a legacy. We want to help people retire comfortably, give to their families and communities, and enjoy life. That starts with education.”
For businesses looking to offer a meaningful and impactful benefit to their employees while mitigating risk, NorthStar Financial Group’s Financial Fitness program is a solution well worth exploring.
