Boutique advice firm Stanford Brown has unveiled two new programs it is running around improving wellbeing in the workplace, one more focused on employees and the other tailored to leaders and executives.
The new workplace wellbeing programs, FinFit and Executive Wellness, were revealed at an event in Sydney on Wednesday.
FinFit is a wellbeing financial health risk assessment tool. It asks questions to employees about all parts of their financial world, including their financial circumstances and overall attitude about their financial position.
Once completed, the employee receives a unique report with a score outlining their level of ‘financial fitness’ and identifies actions they can take to help them become more financially fit.
Stanford Brown’s other program, Executive Wellness, aims to create a bespoke wellness solution specifically tailored to meet the needs of time-poor executives.
The Executive Wellness program is the result of a partnership between health and wellbeing consultants Select Wellness and TOTIUM.
The services offered in the program under Standard Brown are delivered under a general advice basis.
In a presentation, Stanford Brown’s director of insurance corporate employee benefits, James McFarland, said what’s unique about the FinFit toll is that it is supported through purpose-built education videos and resources.
“If you identify as, say, someone who has cash flow issues or budgeting concerns, it then gives you a personalised video that runs you through, well what does that mean? How can you address it, and where to go to get some help if you need that help as well?” Mr McFarland said.
Further, Mr McFarland said FinFit gives aggregate reporting, meaning businesses or companies can create purpose-built education programs to address financial matters that may be affecting employees.
“It's really hard to find out what financial position your employees are, because you obviously don't know or you can't ask. This will give aggregate reporting and risk factors for your population,” he said.
“We'll be able to come back and say, out of your population of staff, there's 30 per cent that are concerned about cash flow or really struggling to manage their money.
“Or there could be 50 per cent of employees that are worried about their debt levels, and really concerned about how they manage their mortgages.”
The first part of the Executive Wellness Program, according to Mr McFarland, an executive financial counselling and wealth management program.
“We sit down with your executive, we talk about their financial position. What are their worries and what are their concerns? What are they looking to do? Are they OK or are they on track? How can we help or how can the employer help them get to that? We leave that worry so they can be productive in the workforce and not being distracted by it,” he said.
The second part of the program involves Select Wellness in creating a targeted analysis to determine the wellbeing of executives, before implementing a three-month change program to help support them into better habits and better structure around their lives, which is also supported by their existing employee assistance program (EAP) service.
“If there is additional need for medical support as required, it can be delivered straight through that EAP service as well,” Mr McFarland said.
The last element of the program, Executive Health Check, is delivered by TOTIUM, and provides a comprehensive health screen and medical evaluation covering all aspects of medical, physical and psychological health with a qualified physician.
The service also includes a ‘medical concierge’, whereby if you’re a travelling executive and you’ve left important prescription medication at home, a call can be made to TOTIUM, which then calls through the script to a nearby pharmacy, which can then subsequently be picked up.
“It's about making modern medicine available to your executives. Make their lives easier. And the whole concept is that this is all given as an end-to-end solution package with the same message that your employer is there to support you so that you can be the best that you can be,” Mr McFarland said.
The standard ‘Executive Only’ service is priced at $5,500 plus GST per executive. An alternative ‘Executive+’ service is offered at $6,600 plus GST per executive family unit.
Adrian Flores is a deputy editor at Momentum Media, focusing mainly on banking, wealth management and financial services. He has also written for Public Accountant, Accountants Daily and The CEO Magazine.
You can contact him on [email protected].
The company is looking to expand its services for financial advisers.
The FPA has developed a new SOA video toolkit to guide members.
“All advice should be regulated in a similar way”, a financial services firm has argued in its QAR submission.
Get the latest news! Subscribe to the ifa bulletin
Get notifications in real time and stay up to date with content that matters to you.