Ascensus Continues Focus on Financial Wellness and Extends Relationship with Financial Finesse Including AI-Powered Coaching

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Oct 01, 2024, 14:01 ET

Partnership supports advisors and plan sponsors in helping participants improve retirement preparedness and overall financial wellness

DRESHER, Pa., Oct. 1, 2024 /PRNewswire/ -- Ascensus announced today it has extended its relationship with Financial Finesse—the nation's leading provider of unbiased financial coaching as an employer-paid benefit—to support increased plan engagement and improve participants' overall financial wellness.

Since 2018, Ascensus has seamlessly integrated Financial Finesse's capabilities with Ascensus' other financial wellness tools and resources, like the READYSAVE app, which are tailored for retirement plan participants. Ascensus was also the first recordkeeper to introduce Aimee (Artificial Intelligence Motivating Employees Everywhere), Financial Finesse's AI-powered financial coach, in 2021. In 2023 alone, users who utilized Aimee saw a 60% increase in their overall financial wellness score.¹

Financial Finesse encourages key participant behaviors such as reviewing retirement projections, taking advantage of company match, and evaluating how effectively investments are allocated according to each saver's goal retirement date. Pairing financial coaching and education with the consultation of a plan advisor, together Financial Finesse and Ascensus can have a deeper impact on the financial wellness of entire workforces and help advisors grow their businesses in the process. Ascensus participants using Financial Finesse achieved the following results:¹

99.2% of users felt better prepared to make a financial decision.
90.9% felt more prepared for their future after their coaching session.
80% took at least one action within 30 days of working with a coach.
63% who did not have emergency savings now have at least $1,000 set aside for unplanned expenses.

Plan sponsors benefit from this data and gain insight into the effectiveness of their plan and overall financial wellness of their employees.

Financial advisors looking to deliver innovative retirement plan solutions can also benefit from leveraging Financial Finesse. The suite of services can help advisors to expand and scale their practice by addressing the needs of participants who are not yet ready for fee-based financial advice. As a result, advisors recently voted for Ascensus to win an Advisor Choice Award in the Financial Wellness category for small market plans.²

"The opportunity for this unique solution to benefit our clients for years to come is exciting to us all," said Jason Crane, head of Core Retirement at Ascensus. "We're committed to empowering savers to take control of their financial wellness and prepare for the future, and Financial Finesse has proven to be an effective partner in helping to boost plan engagement and get more savers saving more."

"We are thrilled to deepen our relationship with Ascensus," said Liz Davidson, founder and CEO of Financial Finesse. "The scale of this expanded partnership underscores their commitment to innovation and relentless focus on supporting retirement plan advisors and plan sponsors while helping millions change their financial lives and save for a better future."

¹ Financial Wellness Think Tank™, Financial Finesse. Updated through 8/21/2024.
² NAPA. 2024 Advisor's Choice Awards. September 2024. https://www.napa-net.org/news/2024/9/2024-advisors-choice-small-market-plans/

About Ascensus
Ascensus is a market-leading enabler of tax-advantaged savings—providing technology, services, and expertise that help millions of people save for a better future.

The company is a premier savings program service provider, third-party administrator, and government savings facilitator. Its platforms, industry knowledge, and data-based insights enhance the growth and success of its partners, their clients, and savers through co-branded, private-labeled, and governmental partnerships.

Ascensus offers comprehensive qualified and nonqualified retirement plan solutions, third-party retirement plan administration, 529 education and ABLE savings program administration, corporate- and bank-owned life insurance solutions, and fiduciary and total rewards services.

The company's brands include Ascensus; Newport, an Ascensus company; and FuturePlan by Ascensus. Ascensus has more than $818 billion in assets under administration and employs more than 5,700 associates as of June 30, 2024.

For more information, visit ascensus.com and newportgroup.com.

About Financial Finesse
Financial Finesse is the country's leading independent provider of unbiased workplace financial wellness coaching programs. Since 1999, the firm has helped tens of thousands of organizations improve their bottom lines and become more competitive by empowering their employees to achieve financial security. The company's award-winning financial wellness programs are made available to employees at no cost as an employer-sponsored benefit. With highly personalized and ongoing one-on-one coaching from CFP^® professionals, AI-powered virtual coaching, live workshops, webcasts, educational tools, and content, Financial Finesse has worked with millions of employees to build better financial lives for themselves and their families. For more information, visit www.financialfinesse.com.

SOURCE Ascensus