Vanguard partners with HelloWallet financial wellness service
Vanguard has partnered with HelloWallet, a financial wellness service, to help employees save more for retirement by addressing the money pressures and behaviours that stand in their way.
HelloWallet provides personalised, unbiased guidance to individuals on managing their debt, spending wisely, and maximising their company benefits.
Vanguard expects that the service will help employees become more engaged in managing their finances.
“Vanguard’s research and years of experience with millions of investors have shown that most employees simply want someone to tell them what to do. While we will continue to provide educational content and calculators to participants as important sources of guidance, HelloWallet is based on a deep understanding of an individual's needs, preferences, and behaviours, which results in more personal guidance,” says Amy Cribbs, head of Vanguard Participant Experience. “Vanguard is committed to helping people achieve financial success, and HelloWallet provides a financial wellness component that complements our educational content and advice services. We believe that HelloWallet has a sound approach that can make it easy for employees to manage their personal finances by nudging them into making appropriate decisions.”
HelloWallet combines behavioural economics and the psychology of decision-making with sophisticated technology to examine individuals’ debt, spending, and savings behaviours, and provide incremental guidance on making appropriate decisions around those areas. Employee members currently access the service through HelloWallet’s website and mobile app. Members input their goals and priorities and add their financial information, including income, bank accounts, credit cards, retirement plans, medical and other insurance, and investments. HelloWallet creates budgets and analyses trends in members’ financial behaviour to recommend how they can make the most of their financial opportunities (e.g. 401(k) plan, health savings account, flexible spending account, or insurance), prioritise financial decisions, and identify ways to stretch their paycheck further.
Vanguard will provide investment advice through online advice, managed accounts, and financial planning services.
“We’re thrilled to be partnering with Vanguard to help employees make the most out of their compensation and benefits,” says HelloWallet founder and CEO Matt Fellowes. “This partnership will allow us to provide more Americans with the guidance necessary to increase their monthly savings, pay off debt faster, and improve their use of health and retirement benefits. Employers win, too, as they need innovative solutions to help their workforce manage the increasingly complex and self-directed benefits offered in the workplace.”
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