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American Express Financial Advisors, Inc.
Case Study: April 8, 2005
A global telecommunications firm has had a long standing financial education program with American Express Financial Advisors Inc. This firm has a far-reaching commitment to educating its employees on comprehensive financial matters. With approximately 150 locations across the country, it can be challenging to reach all employees. Through numerous delivery methods and options, American Express has implemented a program that is able to reach all employee segments. With financial planning tools and information available via the Internet, through a toll-free financial resource line and personal on-site meetings with financial advisors, employees can choose what level of access is right for them. Additionally, American Express has created customized programs for specific employee segments including new employee groups, job transition groups and pre-retiree groups. Due to the company's commitment to financial education, the program continues to grow and change.
Recently, the company moved its program focus to raising participation in their 401(k) plan and flexible spending account benefits. American Express partnered with the employer to create a program that would drive enrollment in both benefits during the open enrollment period. Through the program, American Express was able to educate over 5000 employees about the 401(k) and flexible spending accounts. As a result of the program there was a 25% increase in use of the flexible spending accounts. This increase is expected to reduce the company's payroll tax obligations by over $150,000 in 2005. Of the employees reached during the open enrollment period, nearly 900 requested to meet face to face with a financial advisor to learn more about how their company sponsored benefits fit into their overall financial strategy.
Due to this client's commitment to financial education, the program continues to grow and change. American Express has financial education relationships with over 1000 organizations nationwide. Through our experience in financial planning and personal advice, we can help your employees better understand and utilize all of the benefits that you offer and truly effect change.
Registered investments and financial planning services are offered through American Express Financial Advisors Inc. Member NASD. American Express Company is separate from American Express Financial Advisors Inc. and is not a broker-dealer. Retirement plan and trust related services are offered through American Express Trust Company.
First Use 04/05
Worldwide Employee Benefits Network, Inc.
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