In San Mateo, CA, the Retirement Advisor Council awarded the prestigious Excellence in Financial Wellness Award, a recognition highlighting the company’s commitment to enhancing the financial wellbeing of its team members, to BFW/Marcum.
David Belt, the Chief Financial Officer of BFW/Marcum, accepted the award on behalf of the entire company and participated in a panel discussion on Financial Wellness during the event.
BFW/Marcum is one of only two companies to receive this award from the Retirement Advisor Council in 2024. The Council, a national organization advocating for successful retirement plans and participant outcomes, evaluates nominated companies annually based on the efficacy and impact of their financial wellness programs.
The Plan Sponsor Wellness Award recognizes companies that deliver comprehensive financial wellness programs to their workforce. These programs must have senior management support and sustained wellness momentum, demonstrating tangible results. Winning this award is a prestigious acknowledgment in the retirement industry, highlighting a company’s commitment to its employees’ financial health.
For several years, BFW/Marcum has been a frontrunner in providing resources, tools, and opportunities to support the financial wellbeing of its team members. Its comprehensive program includes:
- Automatic retirement plan enrollment
- 401(k) auto-increasing deferrals
- Above-average company match
- Routine one-on-one meetings with financial advisors, including Certified Financial Planners
- Enrollment in Dave Ramsey’s SmartDollar program, which offers financial education, budgeting tools, and unlimited access to a financial coach
“The objective is to enable our team members to become retirement ready while reducing financial stress in their lives by empowering them with information and professional advisors,” Belt explained. “Our success is a direct result of the dedication and hard work of our entire team, who strive to make a positive impact on our employees’ financial futures.”
The results of these efforts are impressive:
- Over 93% of team members save for retirement through the company’s retirement plan.
- The average savings rate is 9.69%.
- 20% of team members are saving over 15%.
- Over 30% of enrolled team members have zero debt and have saved 3-6 months of expenses.
Furthermore, BFW/Marcum’s financial wellness initiatives have had a positive impact on staff retention. While the industry average turnover rate is 14%, BFW/Marcum’s turnover rate is a remarkable 3.7%.
Earning this exclusive award is a direct result of BFW / Marcum’s team members dedication to saving for retirement and proactively improving their financial wellness.
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