By Peter Dougherty
IF you’re a business owner or HR leader, chances are that you worry about losing top talent.
My colleague German Guevara Millan, who’s both a partner and our Chief Financial Planner at BISSAN Wealth Management, has created a distinctive way to keep you from worrying.
It’s called BISSAN Corporate and it’s a service that enables any company to incorporate financial planning into the range of employee benefits it offers its executives.
German paints a compelling picture of this service: “Executive benefits that are hard to replicate elsewhere can increase retention of top employees.
“In addition to perks like a company car, a pension plan contribution, stock options, or a club membership, a company can offer its directors and managers wealth and life planning support.
“Firms like it because it strengthens loyalty, offers a differentiated compensation package and is relatively low cost compared with other items in the compensation package.”
For a business owner, here’s how it works: you hire BISSAN to create financial plans for say four of your key employees and their families (e.g., your Head of Product, Chief Revenue Officer, Principal Engineer, and Key Account Manager).
Just as BISSAN Wealth Management has already done for several hundred individual clients and families, we would have an initial interview with each employee and their spouse or partner, review their financial information, ask about the family’s financial objectives and goals, conduct follow-on discussions as needed and create an individualized financial plan.
From that starting point, we can help the family create an investment plan based on its plan and its existing assets if it chooses to do so.
This is something that has been done in the United States for a long time under the concept of “financial wellness.”
Studies show that financial stress can negatively affect job performance.
With this service, BISSAN Corporate enables companies to follow recommendations highlighted in PwC’s survey Guiding Your Employees Through Uncertain Economic Times.
A key point of the survey is that employees who are worried about managing their personal finances often struggle to focus on long-term goals.
That’s why the PwC report recommends implementing financial wellness benefits for employees.
As German explains: “In general, employee benefits are a collection of goods and services designed to improve overall compensation.
“But what is often missing is the connecting thread that seeks balance and well-being at the family and wealth level.
“In Spain, financial planning is usually focused on investing in financial products. At BISSAN, we see our holistic planning approach as a tool for making sound wealth decisions, which includes financial assets, real estate and, when relevant, business holdings.
“Our service also considers non-financial aspects such as family situation, career, health, inheritance issues, the relationship with money, and the goals and aspirations of each family.”
The way I like to think about it is that BISSAN Corporate provides guidance for the people guiding the company.
This service offers a high degree of flexibility, since we work with each company to tailor the service to its specific circumstances.
We also encourage the partner or spouse of each executive to attend the meetings, since the service is designed as a holistic approach to help families make better decisions about their wealth.
Both local companies and multinational firms operating in Spain can benefit.
The people who run a company’s strategy also have to run their own financial lives. Helping them do that well may be one of the most valuable benefits a company can offer.
One way to demonstrate to your most valued employees that they truly matter to the company is by making sure they have better tools to manage their wealth – and the peace of mind of knowing their finances are in order and guided by clear goals.
Peter Dougherty is a Financial Planner at BISSAN Wealth Management in Spain. He holds an MBA in finance from Columbia University in New York and an MS in Spanish Taxation (Máster en Fiscalidad y Tributación) from Nebrija University in Spain. He is a European Financial Planner (EFP) in Spain and is a CERTIFIED FINANCIAL PLANNER™ professional and a Chartered Retirement Planning Counselor® in the United States.
For more information: https://www.financial-planning-in-spain.com
Peter Dougherty
- MBA in finance
- MS in Spanish taxation
- BS in Economics
- European Financial Planner in Spain
- Chartered Retirement Planning Counselor® in U.S.
- Author of two financial planning books
Certified Financial Planner™ in U.S.
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