401k Custodian
Fulgent Wealth Management is the preferred 401k custodian for employers. We add value for you and your employee by offering a low-cost, comprehensive plan with frequent visits for new hires to explain and encourage 401k investing. This typically makes employees more comfortable as they understand the employer sponsored benefit of having a dedicated advisor. It benefits you as you are ensuring a larger tax break with plan participation.
A more financially successful employee increases overall happiness and retention.
SEP-IRA
Financial abbreviations often read like a mess of letters and spelling it out doesn’t always make it better. The first part stands for Simplified Employee Pension and the second for Individual Retirement Account.
Self-employed and smaller employers can benefit from the high tax deduction and flexible contribution windows with a SEP-IRA. Fulgent will walk you through these and help you determine and calculate the appropriate amounts and investment vehicle for you.
Financial Literacy
Financial hardships can impact your workforce negatively by reducing productivity and increasing absenteeism.
A staggering 59% of respondents to PricewaterhouseCoopers’ 2019 Employee Financial Wellness Survey said that financial matters cause them more stress than any other life stressors combined. 49% of all employees said they find it difficult to meet household expenses on time each month. 57% of your employees want help with their personal finances.
Financial education through financial literacy seminars and workshops can be a significant benefit for employees and employers alike. Employees with a solid financial plan are less likely to end up with financial worries. That may also mean fewer hardship withdrawals from company 401ks.
As a benefit to employers, financial literacy seminars are held on-site (on the employers property) to help employees gain a better grasp of their finances through financial guidance. These are done at no cost to the employer.
Offerings
Six 1-hour seminars
These seminars are held over a six month period and include the following. Note: You can also request any of the seminars as a singular occurrence!
Month 1 – The Importance of Establishing My Budget with Q&A.
In this seminar, budget worksheets will be provided to help employees build their budgets and understand how to properly track their expenses and how to save money. Easy to follow calculations for proper expense tracking, overspending, and appropriate emergency savings will be taught. We will also provide your employees with habit forming tips.
Month 2 – How to Retake Control of My Debt with Q&A
In this seminar, debt repayment worksheets will be provided to help employees manage their personal debt. The importance of debt management will be explained through cash flow analysis examples and interest payments charts. Debt Snowball and Debt Avalanche Strategies will be compared side by side, and their differences and effectiveness discussed in detail.
Month 3 – Understanding My Credit Score with Q&A
In this seminar, employees are shown the importance of credit scores and how they can impact interest rates, cash flow, and approval odds. We will walk through overall spend when using credit, the weight each loan has on credit history, credit tips and lastly, debunking credit myths.
Month 4 – How to Create Proper Defense for My Finances with Q&A
In this seminar, employees are given the guidance to complete proper defensive strategy via explanation of life insurance types and amounts needed using real world examples. Also, breakdown of estate and legal planning documents such as trust, will, power of attorney, medical directives and the importance of avoiding probate by updating beneficiary designations and transfer on death assignments.
Month 5 – How to Buy a Home with Q&A
In this seminar, employees are given the step by step guide on how to become financially ready to purchase a home. First, we briefly discuss the prerequisites such as cleaning up credit, understanding debt to income ratio and having sufficient savings to become ready for the next step. Then, we determine how much home is affordable, getting prequalified, finding the right home and what to expect when going through a purchase.
Month 6 – How to Invest for Retirement with Q&A
In this seminar, employees are educated on how the stock market works, defining investment specifics and the importance on saving money with their employers 401k. We will also discuss pension, long term planning, and what to expect in retirement (like healthcare costs and longevity).
Most employers Fulgent has worked with have benefited and recommended the use of a six month program as it has increased employee retention and overall happiness through financial independence and understanding. A longer program allows for a larger employee impact and encourages deeper questions in later sessions.
Any topics that are not listed but are within the realm of financial literacy can be requested on a case by case basis. Please reach out to brandon.young@fulgentwm.com for questions and bookings.
Single One Hour Seminar
How to create your financial plan (without Q&A)
In this information dense seminar, employees are walked through on the importance of creating and tracking their own budget, having a foundational debt repayment strategy, the key items in a proper defense strategy and a high level overview of why investing in their companies 401k is important.
Because of the amount of content in the singular seminar, no time is left for Q&A.
Fulgent Wealth Management
