Press Release
Financial Finesse Establishes Strategic Partnership with Madison Retirement Resources
Plan Advisory firm partners with Financial Finesse to provide unbiased financial education programs designed to boost retirement plan participation
SAN FRANCISCO, CA, October 22, 2003 -- Financial Finesse, one of the nation's leading providers of company-wide financial education and counseling programs, announced today that it has established a strategic partnership with Madison Retirement Resources, a plan advisory firm based in Atlanta.
Madison will be providing its clients with Financial Finesse's financial workshops, toll free financial help line service, and online content modules. The programs are designed to boost retirement plan participation, increase employee contribution levels, and help employees effectively diversify among their fund choices. Employees will receive personalized financial education, guidance and counseling from Financial Finesse's team of Certified Financial Planners so that they get the support they need to make investment decisions that are appropriate for their own financial situations.
The move comes on the heels of recent reports that Baby Boomers are massively unprepared for retirement and will need to dramatically increase their savings and retirement plan contributions in order to retire comfortably. The Investment Company Institute reports that at age 65, the average 401k participant has amassed just $162,000 for retirement, when most employees will need over $1 million to fund their retirement.
According to Al Otto, Founder and Director of Madison Retirement Resources, the decision to partner with Financial Finesse marks an "important transition" in their business. In the past, Madison Retirement Resources, like most plan advisory firms, focused on retirement plan design, vendor selection, and fund performance understanding that Plan Sponsor need additional support in these areas.
Now, Otto notes, he sees the firm's role as "broader in scope…. We've always provided high quality advice to Plan Sponsors. Now we are adding educating the participant as part of this process. It doesn't matter how good a plan is if employees don't participate or don't invest wisely. That's where the broad-based financial education comes in."
Liz Davidson, CEO of Financial Finesse, believes that Madison's decision to partner with Financial Finesse represents a growing trend among plan advisors. "Companies are increasingly looking for more support in driving plan participation, especially now that Baby Boomers are nearing retirement. Innovative Plan Advisors like Madison Retirement Resources are starting to think about how they can help in this area-with the understanding that financial education is a huge driver for retirement plan participation and employee contributions into the plan."
Madison Retirement Resources selected Financial Finesse based on its unbiased approach and the breadth and quality of its services. The plan advisory firm was determined to work with a financial education firm that was not owned by or affiliated with a financial services firm, to avoid potential conflicts of interest.
Otto explains: "We wanted to work with a firm that we believe had the breadth and quality of services that could truly impact participants. We wanted a partner that had gotten tangible results with plan sponsors. And we needed a firm that didn't sell financial products or services and could truly educate the employees of our clients. Considering all these factors, Financial Finesse was a clear choice."
About Madison Retirement Resources
Based in Atlanta, Madison Retirement Resources renovates retirement plans. An experienced team with more than 100 years experience develops oversees and advises on company retirement programs. The insight and innovation provided by Madison brings client companies the tools and analysis to make strong strategic decisions by removing the difficult challenges and optimizing a Plan's true value.
About Financial Finesse
San Francisco-based Financial Finesse has been delivering unbiased financial education nationwide since 1999. Through web-based education, nationwide instructor-led seminars, a toll-free financial helpline, and online content, Financial Finesse helps corporations; EAP's and credit unions empower their employees and members to achieve financial security and independence.
###
401khelpcenter.com, LLC is not the author of this press release and is not associated or affiliated with any firm or organization mentioned unless otherwise noted. Use of any information obtained from this press release is voluntary, and reliance on it should only be undertaken after an independent review of its accuracy, completeness, efficacy, and timeliness. Reference to any specific commercial product, process, or service by trade name, trademark, service mark, manufacturer, or otherwise does not constitute or imply endorsement, recommendation, or favoring by 401khelpcenter.com, LLC.
