There is a clear business case for levelling the financial playing field for employees, with improving productivity for more than a quarter of a workforce, reducing churn and boosting recruitment all compelling business benefits.
There are direct advantages for advisers, too.
While employer delivered financial advice was once limited to pensions, now, the coaching element of these schemes can help identify those in need of financial advice across a broad range of topics. This could go some way in helping to close the advice gap.
The bank of UK employers is growing. It represents a major new financial services distribution channel, and it represents a step-change in the societal role employers play.
Asda, Next, Burger King, Greene King, Bupa and the NHS are among the pioneering employers at the helm of this change, with thousands.
Erik Porter is chief risk officer for Wagestream
