Financial Wellness: A Holistic Approach, Not A Stand-Alone Benefit

Financial wellness is a holistic approach to life – not just a stand-alone benefit

Financial wellness is a holistic approach to life – not just a stand-alone benefit

Financial Wellness: A Holistic Approach, Not A Stand-Alone Benefit

 

Going to a clinic for your annual check-up, you wouldn’t expect the doctor to just look at your feet and send you home. You want an examination of your entire body to ensure that all the systems are functioning properly. Expect the same from a financial wellness program. It should cover everything from educational concepts to practical solutions to financial problems – all with a good dose of fun and competition thrown in to make it more motivating.

And you expect the doctor to examine you; you don’t want him to make broad assumptions on your condition given the last ten patients he’s seen. Expect the same from a financial wellness program. It must be tailored to each individual employee, directing them to solutions that support their unique position and challenges. From recommended tools to education courses to proposed solutions – the program must focus on each unique person, not the macro goals of the organization. The organization will achieve their goals if, and only if, we capitalize on the time the employee commits to improving their financial wellness and maximize the efficiency of the solutions. It must be personal!

Let’s begin with ‘Awareness and Support’

In The New Productivity Engine, I talk about the three elements necessary to make a financial wellness plan effective and comprehensive.

The first essential element is in the partnership between employer and employee. I call it ‘Awareness & Support,’ and it’s a process needed to introduce and maintain the financial wellness program.

An assessment of each employee joining the financial wellness program is the first step. It is essential to help them identify their current financial situation and future goals – not unlike that comprehensive medical check-up. Setting a “benchmark” allows employees to use the interactivity of the financial wellness platform to do “what if” projections and take on other financial planning challenges.

Support also needs to include education resources that help employees develop and extend their financial knowledge. In fact, research shows that over 80 percent of employees utilizing comprehensive financial wellness programs reported that the platform helped them solve a financial problem, and 70 percent said that they were able to increase their personal savings.

And move on to ‘Making Informed Decisions’

‘Tools & Resources’ is the second essential element of a good financial wellness program. It is robust sets of interactive tools and resources employees can use to learn how to handle their finances and make informed decisions every day, regarding real-life events.

Buying a car? Getting married? Becoming a homeowner? Everyone benefits from a plan. An interactive financial wellness program can help employees consider their options and make informed decisions. And when circumstances change? New numbers and goals can easily be plugged in to come up with a modified plan quickly.

These are just a few of the long-term financial decisions where a strong financial wellness platform can make life easier and more manageable through educational resources and interactive tools.

Let’s have some fun while we’re doing this

In theory, this sounds great. But it seems like a lot of work. And there are so many other things to do that are much more appealing.

This is precisely why the third essential element of a financial wellness program is motivation. You must make it fun, engaging and interesting. Let’s face it, using financial wellness to relieve personal financial stress while learning to make better financial decisions may not be the most exhilarating way to spend a sunny Saturday afternoon. Give employees a reason to participate.

How about contests? Prizes? Interoffice competitions? Now that’s more like it! Creating an atmosphere where employees want to participate is key to establishing a successful financial wellness program in any organization.

Employee financial stress cuts into work time

If financial wellness takes a holistic approach, you might also ask what the employer gets out of it.

The quick and simple answer is increased productivity.

Employee financial stress often causes employees to spend your work time on their problems. Sometimes, they are left with no alternative. (If you were 90 days behind on your car payments like seven million Americans are, you’d be stressed, too.)

Financial wellness brings responsible solutions

In The New Productivity Engine, I use Sarah as an example of a stressed-out employee. Her daughter broke her arm roller skating. A medical emergency has turned into a financial emergency. Sarah has a choice to make: Pay the medical bill or pay the rent.

Given that scenario, do you think Sarah is fully focused on the big company presentation she is leading? Many of life’s crises involve money (or lack of it), as well as other factors.

Financial wellness focuses on the fiscal aspects of emergencies and unexpected expenses. It brings real-time, real-world financial solutions to help lessen the stress brought on by the other factors. In this case, Sarah was able to get a short-term loan that gave her an alternative solution – it gave her a way to pay both the medical bill and the rent.

Financial wellness is a benefit that connects the individual to their life, and their personal well-being, in a unique way. That’s why I believe that financial wellness really is a holistic approach to life – it’s not just a stand-alone benefit.

 

David Kilby has been president of FinFit since it was founded in 2008. He has grown the company from a single idea into the nation’s leading Financial Wellness Benefit platform, servicing over 150,000 clients. Prior to FinFit, David led a multimillion dollar financial holding company where he was inspired to find ways to help employees improve their financial health. He is committed to helping employees succeed today, and prepare to live healthier, more productive, financially stable lives.

Get in touch with him – he’d love to talk to you about your company, your employees and how he can help.

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  1. Dealing with Financial Stress | Financial Problem Solving | David Kilby

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Kristen Stringer

Vice President of Banking & Credit Services

Kristen Stringer came to FinFit in 2010 and has been instrumental in the development of the proprietary FinFit systems and processes. Kristen served as FinFit’s Director of Operations for 7 years before being promoted to Vice President of Banking and Credit Services. She is responsible for managing strategic partners including the Celtic Bank and Ares credit relationships, in addition to establishing new relationships in the sponsor bank market. Kristen also oversees the underwriting and credit areas and is involved with development of underwriting models and new credit products, expansion of credit offerings, auditing and compliance, and the overall performance of credit products.

Kristen holds a bachelor’s degree in business with a concentration in finance, and is currently pursuing her MBA at Old Dominion University. She began her career at HSBC Bank in the customer service and collections departments and later was responsible for process improvement and project management. She was selected to lead numerous special projects including a foreclosure avoidance project that liquidated over $2 million dollars in less than three months. In her spare time, Kristen enjoys photography and is an avid sports fan.

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David Kilby

President/CEO

David Kilby has been President/CEO of FinFit since its founding in 2008. He has grown the company from a single idea into the nation’s largest, most comprehensive Financial Wellness Benefit platform. Chosen as one of the top 100 companies to work for three years in a row (2014-16), FinFit pursues a mission of changing employees lives one employee at a time. Prior to FinFit, David led a multi-million-dollar financial institution holding company, where he was inspired to find a way to help employees get more financially fit. At KPMG Peat Marwick, Norfolk, Virginia, he worked with a variety of public and private organizations in a variety of industries including automotive, chemical manufacturing, consumer finance, managed health care, retail, real estate and wholesale organizations.

David received his CPA designation in the Commonwealth of Virginia in 1991 and graduated from Old Dominion University. Today he serves as the President of the Ability Center of Virginia, a charity devoted to helping children and adults with disabilities serve productive lives. He is also an active member with the Young Presidents Organization, an active Board Member of Old Dominion University Business School, a member of the American Institute of Certified Public Accountants and Virginia Society of Certified Public Accountants.

Jennifer Creech

Senior Vice President of Strategic Partnerships

Jennifer Creech brings more than 20 years of sales and marketing experience to FinFit. Jennifer is accountable for the overall sales initiatives, client acquisition and strategic relationships. She is also responsible for client retention strategies and the development and management of sales agents.

Jennifer previously served as VP/Director of Marketing at Bank of Hampton Roads/Hampton Roads Bankshares, Inc. As an officer of the bank, she was responsible for the development and implementation of the bank’s sales and marketing programs and was a member of the Retail Leadership Committee to expand the retail banking division.

Jennifer is currently the President of It’s A Surprise and offers support to various community charities.

Kristen Gaskins

Director of Client Engagement and Awareness

Kristen Gaskins brings more than 20 years of sales and marketing experience to her role as Director of Client Engagement and Awareness. She leads a dynamic team of onboarding specialists whose focus is ensuring employers understand the benefits of FinFit and are ready to roll it out to their employees. She works closely with the FinFit marketing department to craft and measure the omnichannel onboarding experience, working to retain and engage existing partners, clients and employees.

She’s a Virginia Beach native who enjoys travel and cooking, just not at the same time.

Cliff Kiel

Senior Vice President, Sales

Cliff Kiel brings almost thirty years of industry experience to the sales team. He joined the company in 2017 to oversee new revenue channels for the business. Cliff is based in Atlanta, Georgia, overseeing sales and business-to-business prospect marketing. Cliff leads the broker and employer growth strategies for the company.

Prior to his tenure with FinFit, Cliff served four years with Purchasing Power as Vice President, and General Sales Manager. He was instrumental in onboarding many Fortune 100 clients. Under his tenure leading the sales team, the company's revenue doubled and he recorded record sales years for the organization. Prior to Purchasing Power, Cliff worked for leading health and welfare companies such as MetLife, United HealthCare, CVS Caremark, Cigna, Value Options, and Alere.

He earned his BA degree from the State University of New York at Oneonta, and his Certificate in Healthcare Management from the State University California, Irvine.

Cliff has been a featured speaker at the annual Voluntary Benefits Conference and many other leading conferences.

Paul Grosch

Chief Technology Officer

Paul Grosch is a seasoned technology executive with over 20 years of experience growing business through software development, infrastructure management, data analytics and customer support. He brings a wealth of experience with strengths in areas such as technology process standardization, measurement and disciplined innovation. Paul has worked across a broad spectrum of industries including construction, retail, hospitality, financial services and Department of Defense.

Paul joined the FinFit team in Q3 2018. Prior to joining FinFit, Paul served as the Vice President of Information Technology for Gold Key Hotels and Resorts, the largest and most demanding hospitality developer, owner and operator in the Mid-Atlantic. Paul led the technology team through a series of rapid growth, innovation and exit cycles. This included the $168MM sale of Gold Key Resorts in and recent sale of oceanfront Hilton properties valued over $87MM. Paul has also led state of the art development projects within Lockheed Martin and the Department of Defense.

Paul Grosch obtained his Bachelor and Master of Science in Computer Science from Old Dominion University. He holds an MBA from University of Virginia Darden School of Business. He is a Certified Project Management Professional (PMP) and Certified IT Service Management Expert (ITIL).

Pete Ostberg

Chief Operating Officer

Pete Ostberg joined FinFit in 2017 after spending 20 years in the payroll industry. Pete is responsible for overseeing all business operations, ensuring FinFit has effective operational procedures in place. He also conducts market research and analyses to strengthen FinFit’s product portfolio by adding new and exciting offerings to help employees become more financially stable. Pete is focused on growing the number of valued partners and ensuring the successful implementation of FinFit with each one.

Prior to FinFit, Pete worked at Paychex in a variety of roles. He has in-depth knowledge of tax payments, payroll, insurance, operations, business analysis, and product management. During his tenure there, he helped to strategically position new products as they were brought to the market. Pete has a degree in Political Science from SUNY Geneseo and in his spare time, he enjoys spending time with family and traveling.

David Hockstad

Senior Data & Financial Analyst

David Hockstad came to FinFit in 2015 and has led the development of FinFit’s custom underwriting algorithms and employee assessment questionnaire. As Senior Data and Financial Analyst, David is responsible for identifying portfolio trends and KPIs, implementing business intelligence tools, creating visual ad hoc reports, and enhancing predictive modeling capabilities. David also assists various departments in finding actionable insights in their data, be it understanding successful company demographics, employee contact methods, or customer propensity to borrow.

David obtained his Bachelor’s from Lee University. After graduating in 2012, he began his career at PNC Bank as a commercial underwriter where he was responsible for optimizing business cashflow and underwriting loans.

Kim Miller

Director of Marketing

Kim Miller joined FinFit in early 2018 to build their marketing department, re-energize the brand and establish FinFit as the industry expert. She is an experienced marketing director with a demonstrated history of developing brand identities, increasing brand awareness and creating optimal customer experiences. Skilled in strategic product development, content creation, user experience, cross-channel marketing and customer engagement, she is passionate about moving the business forward and establishing FinFit as the industry leader.

She started her career at Brunner, a national advertising agency, helping to create a digital footprint in the emerging space. She supported a variety of brands including Consol Energy, Cub Cadet, Longhorn, Aquafresh, WesBanco and Huffy, and worked in every discipline from project and account management to copywriting to site architecture.

She moved to Virginia in 2010 and joined Dominion Enterprises, working in the marine, automotive and powersports divisions during her tenure. She helped build and grow their marketing departments, create brand identities, develop sales processes and tracking capabilities, and drive the product development for both B2B and B2C audiences.

Bill Hall

Chief Compliance Officer

Bill Hall serves as Compliance Officer for FinFit and is responsible for identifying, assessing, mitigating and monitoring all legal, regulatory, operational and reputational risks for the company.

Bill brings extensive legal and regulatory compliance experience to FinFit, primarily in the financial services industry. After beginning his legal career as an Associate Attorney with Womble, Carlyle, Sandridge and Rice in Winston-Salem, NC, Bill had a 19-year career in the Law Department at United Guaranty Corporation in Greensboro, NC. At United Guaranty, Bill served as Vice President and Associate General Counsel, as well as International Group General Counsel.

Bill earned a B.A. degree, cum laude, from Davidson College and a J.D. degree, with honors, from the University of North Carolina School of Law. Bill is licensed as an attorney in the state of North Carolina.

Brooke Saunders

Director of Human Resources

Brooke joined FinFit in early 2013 and focuses on key areas such as Talent Management, Employee Development and Training, Benefits, Payroll and Compensation, Business Strategy, Employee Relations and developing programs to increase employee engagement.

Brooke is a graduate of Old Dominion University and started her Human Resources Career at Robert Half International as a Staffing Manager in 2002. She worked there for 3 years and recruited, hired, interviewed, and placed administrative workers into office positions for her clients.

Brooke has years of experience in the hospitality field, where she served as both Human Resources Director and Resort Marketing Recruiter for large organizations such as Gold Key Resorts and LTD Limited. Her skills included the development of effective recruiting programs, handling all associate relations and counseling, tracking all worker’s compensation claims and other various HR functions to support the HR Manager.

Matt Fahy

Chief Financial Officer

Matthew Fahy serves as Chief Financial Officer for FinFit, with responsibility for the overall financial management of the company, including accounting, financial planning and analysis, credit and treasury functions and tax.

Matt brings extensive financial and operations management experience to FinFit, primarily in the technology industry. Before joining FinFit, Matt served as CFO and Executive Vice President of Global Services for AgilQuest Corporation, a Workplace Management Enterprise SaaS company. Prior to that, he served as CFO for Public Access Technologies, Inc. and QualityClick.com Inc. and oversaw the rapid growth of these Internet companies. Matt was also a Senior Manager for KPMG in the Information, Communications and Entertainment practice serving public and private media, entertainment and technology clients. Matt began his accounting career with Paul Scherer & Company, a boutique CPA firm in New York City serving Advanced Publications and Newhouse Broadcasting Corp., the largest privately held media company in the world.

Matt is a graduate of The Ohio State University with a Bachelor of Science in Business Administration, specializing in Accounting & MIS. Matt received his CPA designation from the state of Ohio in 1993.

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