Financial Service Providers Case Studies
In the past the biggest barriers for financial professionals looking to participate in financial literacy initiatives centered on the cost, time, and complexity involved to develop and deploy financial education programming. A properly designed financial education campaign provides ways in which the financial services professionals can make a long-term positive difference in your community and receive a measurable ROI for your efforts.
The NFEC designs programs that reflect positively on your brand and are in alignment with the National Financial Capability Strategy which underpin national standards for promoting financial literacy. Best practices demonstrate that programming should include education, awareness, and sustainability components.
Industry Overview
Industry Overview: How the Financial Services Industry Participate in Financial Education
Today, financial institutions spend approximately $17 billion marketing consumer financial services. Less than 1% of that is invested in financial education: $31 million on direct provision (hosting events, developing materials, presenting, etc) and $129 million on sponsorship, donations & supporting services.
As a nation, we spend about $670 million on financial education and the growing demand being spurred by: regulatory pressures, increased funding, social interest and increase competition among various corporate and nonprofit stakeholders.
Financial Service providers share common goals: client acquisition, lower acquisition cost, brand enhancement, media exposure, philanthropic goals and public speaking opportunities, are some of the most common. It is the NFECs goal to contribute to the bottom line of our clients as they contribute to the overall financial wellness of the communities served.
Transamerica
Vince Shorb with Stig O. Nybo presenting the NFEC’s Financial Education Leadership Award to Deb Ruben.
Transamerica’s Financial Educators Academy
Transamerica had a vision to help educate a variety of beneficiaries (clients, personnel, prospective clients) and support their team of advisors. The NFEC was tasked with building a comprehensive financial education program that included development of a certification training program for financial professionals, customized curriculum, specialized testing and surveys, marketing promotions, and key note speaking for the program milestone events.
The overall program arms financial professionals with tools they need to improve financial literacy in whole communities. To access those resources, Transamerica requires each person to become “Certified Financial Education Instructors,” with a goal to deliver real results and have real impact on those they reach.
Read more about how this program started in 2013 with demand- and supply-side surveys of Transamerica stakeholders and resulted in the development of Transamerica Financial Educators Academy, training of hundreds of advisors and empowering people in communities with financial knowledge.
Transamerica Case Study
Transamerica reached out to the NFEC after hearing many financial professionals say that they wanted an opportunity to teach basic financial literacy but lacked the time, resources, or training. The NFEC was tasked with building a comprehensive financial education program. Their final solution included a certification training program, customized curriculum, specialized testing and surveys, marketing promotions, and lining up a high-profile speaker for the program launch event.
To guide program development, the NFEC conducted demand- and supply- side surveys of Transamerica management and advisors. These data were used to tailor the program to best meet the needs of all parties involved while encouraging cross-department collaboration.
The NFEC created a custom Certification Financial Education Instructor program specifically designed for financial professionals. The in-studio, fully-scripted production featured leading financial education instructors and financial professionals teaching subject matter aligned with the Framework for Teaching Personal Finance – the only existing set of national standards for financial educators. The NFEC rounded out the certification program by adding a custom video introduction and uploading it for access via an online college education platform.
While the certified instructor program was in production, the NFEC customized curriculum to meet Transamerica’s specific needs. Our team worked with their compliance department and project leaders to ensure that the final version satisfied their needs. An extremely flexible, ready-to-use library of teaching tools was developed, including private-labeled PowerPoint® presentations, instructor’s guide and script, student guides, pre- and post-session assessments, homework activities, and certificates. These downloadable materials can be customized with each financial advisor’s logo and printed through the print-on-demand portal.
Promotional and co-promotional tools were developed by the NFEC and the Transamerica Financial Educators Academy. The resulting email and advertising templates help advisors promote events in their community. Customized graduation certificates also were created to commemorate attendees’ accomplishments and encourage participants to continue discussing the financial education topics with their families at home.
The campaign was launched on National Financial Educators Day, founded by the NFEC to honor financial educators. NFEC’s CEO, Vince Shorb, gave the keynote address at the Transamerica’s Retirement Readiness Summit, especially recognizing the exceptional efforts of three individuals who promoted financial wellness over the past year: Deb Rubin, Tom Hoffman, and Jania Stout. Customized awards were distributed by the NFEC and all attendees expressed excitement about the launch of the Transamerica Financial Educators Academy (TFEA).
The overall program arms financial professionals with the training and tools they need to improve financial literacy in whole communities. The program offers financial professionals the opportunity to become “Certified Financial Education Instructors,” with a goal to deliver real results and have real impact on customers and prospects.
The NFEC commends Transamerica’s leadership. They have launched one of the most comprehensive financial education initiatives in the financial industry today. Their dedication to serving communities across the country will have a lasting positive impact on the people and communities this campaign reaches.
Pictured: NFEC’s CEO, Vince Shorb with Stig O. Nybo (President, Transamerica Retirement Solutions – Pension Sales and Distribution) presenting the NFEC’s Financial Education Leadership Award to Deb Ruben (Transamerica Retirement Solutions Senior Vice President, TPA and RIA Distribution). Congratulations to Deb for a well-deserved award.
Initial Partnership Announcement – Financial Educators Day 2014
The National Financial Educators Council celebrated Financial Educators Day at Transamerica’s Retirement Readiness Summit in Miami on April 25, 2014. At the event, NFEC CEO Vince Shorb spoke to the financial professionals in attendance about advocacy for financial wellness. The live event concluded with recognition of the exceptional efforts of three individuals who made special efforts to promote financial wellness over the past year.
Financial Educators Day, which takes place the last Friday of April, is set aside to recognize innovative leaders working to improve the financial capabilities of people in their communities. This year Deb Rubin, Tom Hoffman, and Jania Stout were honored during Transamerica’s second annual Retirement Readiness Summit. Deb Rubin, senior vice president of TPA and specialist advisor distribution for Transamerica Retirement Solutions, received the NFEC’s 2014 Financial Education Leadership Award for her dedication to improving retirement outcomes for American workers.
First Financial Security
First Financial Security’s LiSA Literacy Project
The NFEC’s work on First Financial Security’s LiSA Literacy Project centered around developing private-labeled curriculum developed, marketing support, targeted studies (women & money), Certification for their instructors, initiative design, support staff training and promotions.
Suntrust Foundation Center
SunTrust Foundation with Wake Technical College
The NFEC designed, deployed and manage a campus wide campaign at Wake Technical Community College with the SunTrust Foundation as the sponsor since 2013. To meet the goal of raising financial literacy competencies among Wake Tech students, staff, and community members the NFEC developed the multimethod programming and developed the branding for the SunTrust Foundation Center for Financial Education at Wake Technical Community College.
Combining live events, financial education-based contests, an eLearning center, interactive experiences, and a personal finance mobile app, the NFEC built an authentic, dynamic learning experience while giving students access to practical financial education programming.
To date this initiative has included more than 150 live instructional events for students, parents, faculty and staff. In addition to live instruction, promotional events and contests encourage active participation while raising awareness about the program. Online and mobile learning also contribute to the educational mix. The NFEC’s proprietary eLearning platform forms the backbone of the Center’s online personal finance initiative.
The campaign’s focus on increasing the reach of the programming was achieved through a mixture of building new partnerships, campus-wide marketing, generating media coverage, building an online presence, word-of-mouth networking, and other collaborative efforts.
For Wake Tech College, the NFEC designed a comprehensive financial wellness program incorporating live events, media outreach and promotion, workshops, crash courses, and contests. This holistic effort was made possible by the sponsorship of the SunTrust Foundation.
The NFEC designed the Wake Tech campaign with the goal of raising financial competencies among the broadest possible group of students, parents, staff, and community members. The campaign had multiple components:
Center for Financial Education: At program outset, the NFEC helped Wake Tech and the SunTrust Foundation open the Center for Financial Education which serves students, faculty, and the whole community with financial education and resources.
Customized Instruction: The NFEC implements the Center’s acclaimed Financial Empowerment Workshop series which takes place over four college class periods and covers lessons in credit, debt, savings, money management, and investment basics. Multimedia videos and real-world activities are featured to engage participants while they improve their financial foundation. Two 90-minute crash courses also have been created – one to help students reduce or eliminate debt, and one aimed particularly at helping educators and staff take action toward retirement planning.
Live Events: High-profile open house events showcase the NFEC’s financial education opportunities at Wake Tech, including the College Family Finance event for students accompanied by parents and the Financial Empowerment event for students who attend alone. Each April the NFEC helps Wake Tech celebrate Financial Literacy Month with free access to online financial education, a booth at the Spring Fling, and other exciting activities.
The campaign also hosts an annual Financial Scavenger Hunt contest, a reality-based competition that helps people learn money management skills while getting a chance to win fun prizes. The contest includes activities that help build solid financial foundations, such as reviewing SunTrust’s student checking account options and calculating compound interest.
Each Wake Tech semester ends with a Closing Ceremonies event wrapping up the financial education campaign activities with fun, food, and participant recognition.
Media Outreach: The NFEC supports Wake Tech to gain important media coverage, distribute flyers around campus, build presence online and in the social media, conduct word-of-mouth networking, and use the NFEC’s email listserv to reach more than 20,000 people with information about the SunTrust and Wake Tech-sponsored financial literacy events.
Collaborative Partnerships: Part of the NFEC’s financial literacy mission involves building collaborative partnerships to maximize the use of resources and extend program reach and support. At Wake Tech the NFEC has facilitated collaborations with a variety of community and campus organizations including Jack and Jill of America, the COSMO department, dental hygiene program, and Business 125 courses. These collaborations make it possible for the campaign to reach hundreds of students, staff, and community members with financial education courses each year.
With the support of the NFEC and SunTrust, the Wake Tech financial education initiative has achieved sustainability across campus and in the surrounding community. Demonstrating the sponsors’ commitment to improving financial outcomes for students, staff, faculty, and community members alike, this program has been steadily expanding over the past three years and shows every indication of continuing to extend its reach and positive impact. This initiative epitomizes how successful collaboration between the college, organizations, and students can empower the whole community with financial knowledge.
Individuals
Financial professionals and concerned citizens form the backbone of the financial literacy movement. The NFEC has built a nationwide infrastructure of financial educators who can give high-quality presentations that meet the needs of a wide range of organizations and groups. Members of the Personal Finance Speakers Association are working in communities across the country to promote financial wellness. Here are their stories:
