Franklin templeton announced a partnership with a San Diego-based financial education company iGrad to develop a new digital financial wellness platform called MyFi Guide, designed for financial professionals to share with defined contribution (DC) plan sponsors and participants.
MyFi Guide is powered by iGrad Enrich financial wellness solution and includes Your Money Personality Financial Behavior Assessment, which analyzes the user’s financial personality. The platform also offers:
- Financial education courses with personalized action plans on topics such as mortgages, healthcare, education savings, budgeting, student loan repayment, financial planning, banking, credit, etc.
- Personal finance calculators and real-time budget tool
- Housing and retirement affordability analyzers
- A suite of tools for student loans and higher education
“We can improve the likelihood of American workers achieving their retirement goals through increased personalization. We know that successful retirement planning is not an isolated exercise. It is linked to overall financial well-being and the development of good financial habits. Through MyFi Guide, we will help finance professionals take personalization at scale beyond investing to the financial goal level, ”said Yaqub Ahmed, Head of Retirement and Insurance at United States at Franklin Templeton.
The Enrich financial wellness solution uses AI to provide employees with the most relevant content based on their financial situation and stage of life. This is a critical factor in reaching the underserved population who typically do not have access to one-on-one financial advice. Employers and financial professionals can play a vital role in reducing financial stress for their employees and clients.
“Financial stress has been shown to negatively impact physical and mental well-being, reduce workplace productivity and increase healthcare costs. We are delighted to partner with Franklin Templeton on this important financial wellness initiative, ”said iGrad Founder and President Rob LaBreche.
