How would you feel if you had a problem and your nearest and dearest had no interest in helping you? You would think your family members didn't love you. You would think you need to find a different set of friends. You would seek out people who took relationships seriously and cared. This might describe how your employees feel about getting financial advice.

Let us start by determining if there is a problem that needs addressing. Bank of America produced a report indicating 62% of employees are stressed out concerning their personal finances, 80% of employees think their employers have a role to play in their financial wellness, and 97% of employers feel the same way. This needs to be balanced with employee concerns for their privacy. CNBC reports employees are not happy with the ways companies gather data about them and 64% have concerns about data security.

How can employers address the need for financial wellness help while also respecting the privacy of their employees?  Each of these three potential solutions might be provided through the firm's benefits provider. This is an opportunity, for you as a benefits professional, to strengthen the relationship.

1. Financial education on demand. Technology has made education delivery much easier. Decades ago, "home schooling" might have conjured up visions of parents in the role of teachers, educating their children at the kitchen table. Today, home schooling might be a version of remote learning. From a financial wellness perspective, your employees can have a menu of online lessons they can access on demand. They can read text and even print it off. They can watch videos. These can be made available through the benefits firm or a third-party provider. Advantage: The employee is learning at home, away from the office, outside the umbrella of the firm's oversight.
2. Financial education tools. The Bank of America study shows 52% of employees like the idea of using digital tools to manage their finances. This can mean they are actively involved with their 401(k) investment decisions. It can also mean they are investing their own money through online accounts established with the parent company of the benefits provider, or the firm managing the investments within the 401(k). It can also mean employees are engaged in "what if" exercises using retirement planning tools. Advantage: The employee who is comfortable with online shopping, online gaming and online dating can also access financial education on their own terms.
3. Accessing live representatives by phone. Employees leave from time to time. They retire. Some employers offer the ability to transfer their retirement assets away from the firm and over to a custodian like Schwab or Fidelity. In these situations, the former employee can speak to a live person concerning the future management of their assets. This type of relationship could be made available to current employees interested in investing their own funds. Again, the parent company most likely offers an online investment platform with access to live representatives who can answer questions. Advantage: Some people do not want to click on the FAQ tab. They want to ask questions of a live person in their own words.
4. Establishing a personal relationship. No one wants to mess up their personal finances. Few people would skip hiring a lawyer and defend themselves in court or appear at an IRS audit without a CPA nearby. They want a personal financial advisory relationship, someone who knows them. About 35% of Americans work with an advisor. Some employees, especially if they are closer to retirement, better paid or with complicated financial situations would prefer working with someone who is committed to helping them on a long term basis. The parent company providing investment management within the 401(k) plan should have a referral process to connect interested employees with their local financial advisors. Advantage: Everyone wants to feel they are an important client. They have a personal relationship with their doctor and dentist. They can have a personal financial advisory relationship too.

Related: Beyond the 401(k) training: Empowering employees with financial literacy

In each of these situations, the employee is getting the advice they want while their privacy is protected. There are two reasons for this outcome: The financial education is provided by a third party and the advisors involved have a degree of fiduciary responsibility.