T.E. Wealth has created a series of online courses to help employees improve their financial literacy, and to help employers meet their fiduciary obligations.
T.E. Wealth announced the launch of its ProsperiGuide financial education platform yesterday. The fee-for-service consulting firm, which is a subsidiary of iA Financial Group, points out that pension sponsors could be held responsible if they fail to provide their workers with the information they require to make sound financial decisions.
"If an employee claims that your organization should have known s/he wouldn’t be able to understand something, or that it wasn’t clear that s/he was expected to put the information or tool you provided into use, there could be grounds for taking legal action for hardship incurred due to poor financial planning," warns a post on the company's web site.
To help address this issue, T.E. Wealth recommends that employers use a third-party service like its new ProsperiGuide. The program covers financial planning, savings and debt, investing, retirement, taxes, as well as insurance and estate planning.
Once the plan is available company-wide, employers are told to document what they have done to help their workers. "Should you encounter any issues down the road, you can substantiate the details of the robust and successful program you have put in place," concludes T.E. Wealth.