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Financial Planning > Behavioral Finance

Compass Financial Boosts Education With Financial Finesse Partnership

By Michael S. Fischer

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Compass Financial Partners, which provides retirement plan consulting and investment advisory services to plan sponsors, announced Wednesday that it would expand its financial wellness capabilities by partnering with Financial Finesse, a workplace financial education company.

Financial Finesse offers personalized financial wellness, retirement preparedness and financial coaching programs to some 500 organizations. The firm does not sell products nor manage assets.

Compass said in a statement that Financial Finesse would provide it with strategic consulting around its proprietary behavioral change education model, program design and implementation so that Compass can expand its in-house financial wellness capabilities.

Compass will also be able to provide Financial Finesse’s financial education to its clients at a discount.

This will enable the firm to scale its programs with additional nationwide phone-based financial coaching, customized benefits planning platforms and one-on-one financial planning sessions for employees facing serious financial hardship.

Kathleen Kelly, managing partner of Compass Financial Partners in charge of its retirement plan practice, said the firm had selected Financial Finesse based on its market leadership in the rapidly growing financial wellness industry.

“Financial Finesse has proven ROI studies substantiating the success of their model, as well behavioral change rates that show 89% of participants making major financial changes as the result of their education, most notably in reducing debt, cutting expenses and saving more for retirement,” Kelly said in the statement.

She noted that the ultimate success of company-sponsored retirement plans depended on whether employees were able to retire comfortably, and on their desired timeframe.

“In this industry, we talk a lot about investment options and plan design, and both are very important,” she said. “But to really move the needle, you have to change the way participants manage their money.”

Financial Finesse chief executive Liz Davidson said in the statement that her firm did not usually work in this capacity with individual retirement plan advisors, but that Compass Financial Partners stood out in the crowded field of retirement plan advisors, based on what the firm was already doing, and the progress it had achieved.

Davidson last year wrote in a ThinkAdvisor post about Kelly and her team as major influencers in the rapidly changing plan sponsor sector.

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Check out Older Workers More Anxious Than Retirees About Financial Future on ThinkAdvisor.

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