Financial Planning As an Employee Benefit

Traditional employee benefit packages typically include such perks as health insurance, life insurance and retirement savings plans. Many employers are now offering financial planning services as part of employee benefit packages. Financial planning for employees may include paid consultations with financial advisors and assistance with budgeting, long-term financial planning and devising prudent investment strategies.

Look Ahead

Everyone’s financial needs are different, and needs are likely to change over time. Ask your financial planner or employee benefit planner to help you chart a financial plan that takes into consideration your current and future financial outlook. If you have specific financial goals you want to strive for, such as funding a child’s education, purchasing a second home or taking early retirement, let your financial planner know about your plans, says RIA Intel.

Take Advantage of Pre-Tax Savings

Chances are, the financial planner your employer contracts with is connected to the company’s retirement provider. If so, the planner should have an in-depth understanding of the funds available in your company's plan as well as various matching contributions or profit-sharing benefits you may be entitled to. Use this to your advantage and ask about ways to maximize your use of the retirement plan.

Be Aware of Sales Ploys

Even though your company is footing the bill for the financial planner’s time and expertise, it’s still incumbent upon you to make educated decisions about the options presented to you. Ask whether the planner works on commission or a flat fee; this information is important for determining whether his recommendations are in your best interest or his.

Don’t be afraid to ask for clarification or decline recommendations if you don’t feel they’re an appropriate fit. When it comes to investing in different financial products, a financial advisor should educate you about the pros and cons of various investment vehicles.

Do Your Homework

Just because a financial planner is available to meet in your office’s break room during lunch doesn’t mean you have to make long-term financial plans in a short time span, says Business Insider. Use these meetings as an opportunity to collect information and ask questions, then review that information and your notes later at your leisure.

Read Employer Disclaimers

Many employers will ask you to sign a document that essentially absolves them of any legal liability, should you follow the advice of a company-sanctioned financial planner and lose money. Read this type of document carefully to make sure you understand and agree with the outlined terms. If you use any employee benefits estate planning, make sure your family or beneficiaries know your involvement with the company.