Financial Finesse

In 2020, the coronavirus pandemic shook the nation, quickly throwing millions into financial crisis. “I don’t know anyone that hasn’t been impacted by it and those employees who were the most financially vulnerable were, unfortunately, the hardest hit,” begins Liz Davidson, CEO, and Founder of Financial Finesse. The company—which was founded in 1999 to bring unbiased financial coaching to as many people as possible—reflexively sprang into action. “Within four days of the CDC declaring the pandemic, we released a robust microsite with simple, clear, and trustworthy information and made it available free-of-cost to anyone who needed it,” adds Liz. Next, the company added free webcasts attended by tens of thousands of stressed employees. Doing the right thing paid off. As businesses regained their footing, financial wellness was urgently prioritized, and Financial Finesse saw record growth.

While adding to its client roster, the company was also rapidly innovating; AimeeTM (Artificial Intelligence Motivating Employees Everywhere), its new virtual financial coach, was coming to life. As a pioneer in the financial wellness movement, Financial Finesse has over 20 years of proprietary data and 1x1 coaching experience. It is also home to an award-winning Financial Wellness Think TankTM established to publish unbiased research to advance the industry. “We know a lot about what works, how to help employees establish the right habits and behaviors to achieve long-term financial success, and how to motivate people. We also understand that different people respond to different things,” says Liz. Over the years, these insights have shaped the company’s signature “best practices” model, an omnichannel approach blending human and digital elements that is endorsed by the Employee Benefit Research Institute (EBRI), Society of Actuaries (SOA), and other industry leaders. “To further scale the personalized, cross-channel experience we are known for, we knew that AI was the future,” concludes Liz.

On May 4, 2021, Ascensus, the country’s largest independent recordkeeping services provider, rolled out Aimee across its retirement savings plans, making “mass personalization” in financial wellness a reality for the first time and kicking off a wave of launches that will soon bring Aimee to all Financial Finesse clients. Using smart technology, the AI-powered virtual coach asks users questions to get to know them. In just a few minutes, Aimee generates a unique Financial Wellness Score based on where the user is and a tailored action plan to get them where they want to be. The more a user interacts, the more personalized and game-like their experience becomes.

With Aimee, our AI-powered virtual financial coach, ‘mass personalization’ is finally a reality. Now employers can give every employee a highly personalized, ongoing coaching experience

“Scores rise in real-time as users take action and progress is visualized and celebrated so there’s a real sense of accomplishment every step of the way. With Aimee, employees are progressing more quickly and engaging more frequently than ever before,” adds Liz.

From within the Aimee experience, users can access every aspect of their financial wellness benefit, including live, 1x1 coaching sessions with Financial Finesse’s team of experienced CFP® professionals (available by phone or webchat) webcasts, educational tools, and content. Owing to its open architecture, the platform can also integrate employer benefits and even related FinTech services, so employees only need to go to one place. “By bringing everything together in a trusted, supportive environment, we are eliminating friction and closing the action gap, making it easier for employees to reach their goals,” adds Liz.

Financial Finesse’s omnichannel approach is driving real-world results for both employees and employers. “We are in the business of changing financial lives. Most people are not going to be as fascinated by the intricacies of financial planning as say, our Coaches, but I am yet to meet someone who isn’t fascinated by building the life they want for themselves and their family. By making it about personal goals, not just numbers, we are able to bring about short, medium, and long-term behavioral changes which then leads to ROI for the employer.”

A recent five-year study from the firm’s Financial Wellness Think Tank™ saw substantial gains in peace of mind and financial confidence among engaged participants, including a 60 percent increase in feeling financially prepared for the future, a 28 percent decrease in feeling stressed about finances, and a 26 percent increase in feeling confident with investing. Additionally, the group studied increased its average retirement plan contribution rate by 50 percent and its average Health Savings Account contribution amount by 41 percent . Reflecting on the study, Liz adds, “With financial stress relieved, employees become happier, more productive, and mentally healthier. At the same time, employers see tangible savings from reduced turnover rates, reduced delayed retirements, reduced FICA tax exposure and other factors.”

Looking ahead, the company plans to continue to invest in industry-advancing research through its Think Tank, experienced and passionate Financial Coaches, and technology. “When all three come together, deep insights, elegant AI and, of course, the human element that’s when the magic happens.”