Financial Finesse Acquires the OfColor Business

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Oct 30, 2024, 08:30 ET

Firm Doubles Down on Helping Financially Vulnerable Employees Despite Recent Corporate Pullbacks in DEI Initiatives

EL SEGUNDO, Calif., Oct. 30, 2024 /PRNewswire/ -- Financial Finesse, the largest independent provider of unbiased financial coaching as an employer-paid benefit, today announced its acquisition of the OfColor business. Founded in 2020, OfColor is a bold financial wellness platform that empowers employees of color to improve their financial well-being and build wealth.

The acquisition furthers Financial Finesse's commitment to changing the financial lives of employees facing serious financial stress, a group where employees of color are disproportionately represented. The Financial Finesse Financial Wellness Think Tank™ found that 45% of employees of color reporting "high" or "overwhelming" financial stress improve to "some" or "no" financial stress within a year of engaging with the firm's personalized live and AI-powered coaching. Additionally, engaged employees of color are progressing from the highly stressful "crisis" and "struggling" phases of financial wellness to the stable "planning" and "optimizing" phases which are defined by having emergency savings and little or no high-interest rate debt, spending within ones means, and being able to save for future goals. Compared with where they began, there is a greater than 2.5x increase in the number of employees of color in the stable "planning" or "optimizing" stages.

Despite recent corporate DEI pullbacks, Financial Finesse data clearly shows that culturally relevant financial coaching and resources are effective. Financial Finesse expects OfColor's content and expertise around group and individual coaching to amplify its success in reaching employees of color as part of its broad-based employer-sponsored financial coaching programs. This November, Financial Finesse will make OfColor content—which is created by financial coaches of color and tailored to the lived experiences of employees of color—available to the 20,000+ firms it reaches at no additional cost.

"We are thrilled to officially welcome OfColor into the Financial Finesse family," said Liz Davidson, CEO and founder of Financial Finesse. "It is our position that for a workplace financial wellness program to be successful, every employee needs to feel seen, heard, and understood—regardless of race, gender, age, income, or any other factor. OfColor's exceptional content and education for employees of color are key to a larger strategy in advancing our deeply personalized coaching experience and driving better results for the employers who use our services."

Yemi Rose, founder of OfColor, echoed Davidson's sentiments. "We're excited to work, as part of Financial Finesse's iconic brand, to drive positive change in the lives of employees everywhere. Our deep expertise in creating solutions specifically tailored to BIPOC individuals will be a powerful complement to Financial Finesse's proven live and AI-powered coaching as we work together to drive life-changing outcomes for employees and measurable ROI for employers."

As the financial coaching industry begins to consolidate, Financial Finesse is considering additional acquisitions to advance its mission of changing financial lives at scale, deepen the impact its program makes for individual users, and broaden its ability to bring life-changing financial coaching programs to more employees. The firm, known for its unbiased approach, will limit acquisitions to companies that share its commitment to unconflicted financial coaching and have unique approaches, teams, and technology that have proven successful in advancing employees' overall financial well-being.

Terms of the OfColor acquisition were not disclosed.

About Financial Finesse
Financial Finesse is the 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. www.financialfinesse.com 

Contact: Maggie Weinberg, [email protected]

SOURCE Financial Finesse