IEEE Launches a Suite of Financial Planning Tools

A new member benefit offers access to financial advisors and free resources on retirement and saving for college

13 October 2015

IEEE now offers myFinancial Wellness, a suite of services that can help members in planning their financial futures. It includes access to interactive tools for managing stock and investment portfolios, to educational resources, and to financial advisors. While some of the information will be useful to all members, the service is geared toward those residing in the United States and Puerto Rico.

A study conducted in 2014 by Mercer Consumer, an international consulting firm, placed the average age of IEEE members in the United States at about 52. “We already have great acceptance of IEEE’s sponsored Medicare supplemental and long-term care insurance plans, but there is so much more we could do to serve members over the age of 50,” says Lynn Koblin, manager of the IEEE Sponsored Discounts and Insurance program. “And though myFinancial Wellness is for all members, it can also support members later in their careers and into early retirement.”

PLANNING FOR THE FUTURE

IEEE designed myFinancial Wellness with Vinings Management Corp., a financial and human-resources consulting firm, in Marietta, Ga. In addition to financial planning, the firm also offers help with 529 college savings plans. Named after Section 529 of the U.S. Internal Revenue Code, these plans are operated by a state or educational institution for families to set aside money for college costs.

Koblin notes that the new program is not tied to any one brand of funds and that advisors don’t work for a commission—instead, they make decisions based on what they see as their client’s best interests. But due to tax regulations and other country-specific factors, myFinancial Wellness advisors can only serve members who live in the United States and Puerto Rico.

An initial consultation is offered free of charge, and if a member decides to continue to work with an advisor, he or she may do so at a reduced flat fee of US $500 instead of a financial industry figure that can range between $1,000 and $5,000.

MyFinancial Wellness also offers free newsletters, webinars, and videos on such topics as financial planning for new parents, the basics of life insurance, and Medicare, the U.S. federal program that provides health insurance to retired individuals.

For more information, visit the myFinancialWellness website, or call 855-904-1413 to speak with a financial advisor.

Learn More