Unlocking Employee Success: The Power of Workplace Financial Wellness Programs

Uncategorized Apr 17, 2023

As a Financial Therapist, I am passionate about helping individuals achieve financial well-being, and I believe that workplace financial wellness programs can play a pivotal role in unlocking employee success. One prominent financial institution that stands out in this regard is Morgan Stanley, a company known for its commitment to not only its own employees well-being and holistic financial health, but also concerned with employees all over the United States.


In today's fast-paced and competitive work environment, employees face various financial challenges that can impact their productivity, engagement, and overall well-being. Financial stress, lack of financial literacy, and inadequate retirement savings are just a few examples of the financial concerns that can weigh on employees and affect their performance at work. 


Employees may believe they need a raise, but what they really need is tools to master the money they currently have. When they understand that money is not the only form of compensation, they seek a more comprehensive compensation plan. The benefits that lead to them growing personally are just as valuable as the benefit of growing financially.


As Financial Therapy becomes a bigger part of Financial Wellness programs, employees will also learn how to master their emotions. This skill can help them better manage their relationships both at work and at home. Learning money management includes mastering money emotions. This may be something Morgan Stanley and other companies add to their financial wellness programs in the future. It takes someone with a particular set of skills like mine to merge the external practical tools with the internal emotional activities.   


Talking about money with co-workers still may not be easy, but employees are much more honest about their stress related to money, health, and even how they juggle their responsibilities. This is where financial wellness programs come in. Employees now have somewhere to go for assistance. Someone to hear them out and a way to get through the financial challenges and stress. This keeps them from repeating the same mistakes and expecting a different outcome.


Morgan Stanley, a leader in the financial services industry, recognizes the value of these programs in helping employees improve their financial wellness and achieve their full potential in the workplace. They have a long reputation for offering individuals and companies financial instruments, they now offer financial wellness programs to companies. This shows they understand that when your workforce is at its best, so is your company.


Morgan Stanley's workplace financial wellness programs are designed to address the unique needs and challenges of each employee. There are a range of resources offered in different ways. They provide employees with the tools, resources, and support to make informed financial decisions and build a secure financial future. 


They do this by providing a customizable digital educational portal for each employee. Plus, the listening ear of a financial coach that can guide them through their financial challenges. There is also help for dealing with student loans. The higher the educational level of your employees the more this could be an issue that causes them to seek higher pay or a shift to a different company. 


From practical tools to a real person to talk to, one of the key aspects that sets Morgan Stanley's financial wellness programs apart is their holistic approach. Recognizing that financial well-being is interconnected with other areas of an employee's life, such as physical health, mental well-being, and work-life balance, they set out to address all these areas. Also recognizing that it’s not a one and done approach, it’s a journey, Morgan Stanley is giving companies the opportunity to change the connection they have with their employees by changing their employee’s life. 


As they pass down new habits and beliefs to their children, by addressing the multiple dimensions of well-being, employees become more committed to their financial plans and often to the company they helped them grow financially. These programs are designed to empower employees to take control of their finances, reduce financial stress, and improve their family life while improving their work life. 


As a former Morgan Stanley Financial Advisor, I think it’s important to add that Morgan Stanley has a commitment to employee success in their clients workplace but also in their own. Their commitment goes beyond offering financial wellness programs, they also practice what they preach by building the wellbeing of their own employees. The company fosters a supportive and inclusive workplace culture that encourages open communication, provides opportunities for career growth, and recognizes and rewards employee contributions. 


This holistic approach to employee well-being creates a positive work environment where employees can thrive both personally and professionally. I’ve benefited from this while working as a Financial Advisor. I remember being invited to speak monthly at employee training programs and client events because of my expertise in financial planning with an emphasis on wellbeing. 


This helped my hone my speaking skills and build relationships with colleagues. I even had lunch with Mandell Crawley who at the time was the Chief Marketing Officer, now the Chief Human Resource Officer. Examples like this are the normal not the exception. After leaving Morgan Stanley on excellent term when I decided to pursue a career in Financial Therapy rather than financial planning I’ve maintained many of the connections and relationships and they continue to add value to my life. 


Companies that utilize Morgan Stanley’s Financial Well-being Benefits allow their employees to gain a better understanding of personal finance, develop healthy financial habits, create a roadmap for retirement, and gain confidence in managing their financial affairs. These benefits translate into increased financial security, improved job satisfaction, and enhanced overall well-being, which in turn contribute to a more engaged, productive, and successful workforce.


Not to mention, overall nicer people to work with on a daily basis.


As a Financial Therapist, I am impressed by Morgan Stanley's commitment to workplace financial wellness programs and their positive impact on employee success. When companies like Morgan Stanley, who have a strong reputation in the industry, lead the charge for financial wellbeing, other companies follow behind them. This means the fun has just begun. Soon, employees will expect a financial wellness program when they are hired by a new company and the options offered will continue to improve for that reason. 


Financial Therapy will become more readily available and even sought after as it gets added to Financial Wellness programs. Employees, Employers, and even financial institutions will understand that wellbeing is based on healthy emotions. One can master their emotions with a few simple tools and exercises. Once they master their emotions, mastering money will come much easier.


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