PRLog - Jan. 21, 2010 - GRAND RAPIDS, Mich. -- Financial stress and frustration are a common topic at the water cooler these days. Debt management, financial and life stresses, and what to do about your 401(k) are common stories shared. Amway’s employee-focused culture took another step forward this year by staying ahead of the curve in consideration for their employees’ needs.
Late last year, Amway concluded a three year nationwide due diligence campaign for fiduciary 401(k) advice and hired BeManaged, powered by local firm Actium LLC, which provides professional ongoing account management and investment advice through Amway’s existing 401(k) plan, administered by Fidelity Investments. Over 1,000 Amway employees took advantage of BeManaged’s free 1on1 consultations provided over a 90 day period, which helped them understand what kind of investor they were, and then comparing that with how they were actually invested, and then allowed them to decide if they wanted to utilize BeManaged’s management or advice services.
“Beginning the 1on1 consultations in early February, the market volatility was at historic levels. Many participants were relieved to be able to figure out where they stood, what they could do about it, and have an independent, fiduciary solution if they wanted help beyond the consultation,”
“Employees have wanted this kind of financial advice for a long time, and we were able to find a local company willing to serve as a fiduciary to provide our employees the account management or investment advice solution they needed for their 401(k),” said Joyce Moore, Sr. Benefits Consultant at Amway.
Providing resources for financial and personal stress management has also been a focus of Amway through their relationship with ENCOMPASS, Employee Assistance & WorkLife, founded by Alison Brown, Ph.D. ENCOMPASS is a leader in Employee Assistance Plans (EAP) and was honored as being a top EAP by “Workforce Management” magazine. Alison observed that “The interplay between financial stress, work performance and the quality of personal relationships is on center stage right now. Employees may have a spouse who is laid off, a child who has moved back home to reduce living expenses and get on their feet, and companies are continually focused on ways to save money. All of these elements create some uncertainty or anxiety and stress for employees and their families.”
ENCOMPASS offers robust website tools designed to assist employees and their family members to problem solve financial and other types of issues. As employees or their family members begin to gain a better sense of control over the problems, anxiety and stress associated with the issues begins to wane. Most importantly, employees appreciate the customized and individualized attention provided through ENCOMPASS to directly address their unique needs.
Joyce Moore further explained, “BeManaged and ENCOMPASS do not sell any products, so we know when we provide our employees time to meet with them, that time is being used for what it’s intended. The services they provide are highly complimentary, each providing employees the help they need in different areas of life, as our world continues to become more and more specialized.”
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BeManaged and BeAdvised were designed for people who do not have the time, desire, comfort, or understanding required to effectively manage their 401(k) account.