Free Holistic Financial Planning Services Available from Addition Wealth for All Employees

As the "Great Resignation" continues to plague companies, many are scrambling to retain their employees. One solution that is gaining popularity is offering enhanced benefits packages, particularly financial wellness benefits. According to a 2021 survey by PwC, 87% of U.S. employees want help with their personal finances. To cater to this demand, Addition Wealth has launched its platform, providing personalized and tailored advice to employees.

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A Solution for the Financially Underserved

Addition Wealth was founded by Ana Mahony, former head of cities at Uber Eats. With a background in consumer finance, Mahony identified a gap in the market – financial planning products that are either too generic or prohibitively expensive. Addition seeks to fill this gap through a combination of self-service tech tools and group-based as well as individual advice.

A Holistic Approach to Financial Planning

Addition’s platform offers a range of services, including community events, professional financial advice, and personal finance tools. The entire suite of products is free for employees, while companies pay a recurring fee to Addition. Mahony believes that providing Addition’s services as a bundle discourages companies from upselling their employees on individual products.

Empowering Women and Minorities

Mahony recognizes the disproportionate impact of financial planning tool accessibility on women and people of color. She hopes to serve this population through Addition, which does not have any financial requirements for users to join. "Most people that can get access to a lot of this information either come from circles of wealth or they have enough money to be able to pay sophisticated folks to help them navigate these decisions," Mahony said.

A Solution for Equity Compensation

Addition’s expertise in helping employees navigate the complexities surrounding equity compensation packages has led to strong inbound interest in the product from tech companies. The startup even advertises a solution on its website that helps employees assess the value of job offers they receive.

A Differentiator: Data-Driven Solutions

Partnering with companies rather than providing services directly to users, Addition creates a more customized offering by leveraging data on the companies’ employees and their specific financial needs. This approach allows Addition to provide tailored advice and solutions that address the unique challenges faced by each employee.

A Strong Inbound Interest

Mahony attributes the strong inbound interest in the product from tech companies to its holistic nature. "When you think about it, most people’s wealth is tied up in their stock options," Mahony said. "So, if we can help them make sense of that and understand how to use those tools effectively, that’s a huge value proposition."

A Valuable Solution for Companies

Addition’s platform offers companies a valuable solution for retaining employees. By providing financial wellness benefits, companies can demonstrate their commitment to their employees’ well-being and career development. This, in turn, can lead to increased employee satisfaction, retention rates, and productivity.

Investment and Future Plans

Addition has secured investment from top-tier venture capital firms. With this funding, the company plans to expand its services, enhance its technology, and continue to innovate and improve its offerings. Mahony is confident that Addition’s innovative approach will revolutionize the financial wellness benefits landscape.

Conclusion

The launch of Addition Wealth’s platform marks an exciting development in the world of financial wellness benefits. By providing personalized and tailored advice to employees, Addition seeks to fill a gap in the market and empower those who are financially underserved. With its strong inbound interest from tech companies and innovative approach, Addition is poised to revolutionize the way companies support their employees’ financial well-being.