The Financial Education Institute of Canada

Do Your Employees "Get It"?

It would be a joy if every employee in every organization would "get it" – fully understand and manage their company benefits. Human Resource professionals could then relax and get on with other things knowing that their employees are taking full advantage of the programs offered to them and making informed decisions on all matters financial.

In the group retirement industry, Canada's investment and record-keeping service providers compete with each other to see who is best at getting employees enrolled and getting contributions invested. But it's not really their role to worry about the overall financial wellbeing of employees. Processing transactions accurately and promptly is something at which the financial institutions excel. But the concept of financial self-management goes far beyond a focus on transactional and record-keeping activity. It has to do with decisions that affect a person's life.

That's where the Financial Education Institute of Canada comes in. The Institute has no other business than educating employees on financial self-management. Their approach is comprehensive, drawing commonsense links between real life events and the financial implications. The goal is to engage employees in a straightforward process that will lead them away from procrastination, fear, confusion, and stress towards knowledge, competence, control, and peace of mind.

Playing the role of a fiduciary, many employers are sensitive to the responsibilities they have to the members of their group retirement and savings plans. They practice good governance and aim for best practices in educating their work force. Among the pitfalls they steer clear of is the danger arising from conflicts of interest.

The Financial Education Institute of Canada specializes in employee education and operates only on a fee-for-service basis. It does not sell financial products, nor does it receive any commissions. Its only business is education, so there is no possibility of a conflict of interest that might compromise the quality, accuracy or completeness of the information provided to employees through the Institute.

In summary, the independence and the unwavering focus of the Institute are appreciated by the progressive employers who team up with the Institute to ensure their employees receive the best financial education available. It's just the educated thing to do!


Can Your Employees Pass a Financial Fitness Test?

Financial and retirement education used to be considered a voluntary perk. Today it is considered a vital necessity. This parallels the migration of the pension industry to offering more sophisticated savings and pension options such as individual savings and stock purchase plans, deferred profit sharing plans, defined contribution plans, group RRSPs, and other hybrid pension options. And these participant directed plans require hands-on management by your employees.