Chase Brakke, Vice President of Business Owner SolutionsFrom entry-level to executive, finding talent is not an easy or inexpensive task, and small business owners and human resources professionals know that retaining talent is a top consideration for a successful and sustainable business.
What they may not know is just how heavily financial insecurity weighs on your employees’ minds, especially since 2020 and the Great Reshuffle that followed.
Financial insecurity can stem from economic forces such as stagnating wages, increasing job insecurity and rising healthcare costs, but often, it simply comes from a lack of education.
This is where North Star Resource Group is paving the path for providing financial wellness education and services to businesses and their employees at every tenure and salary range.
An independent, full-service financial services firm, North Star Resource Group paves the path to financial planning and security, helping clients manage risk and opportunity and achieve financial goals. Many of these clients are business owners, who also work with their dedicated North Star advisor for financial solutions of the business, including business review, risk mitigation, and employee benefits.
But what strengthens North Star’s relationship with business owners the most is the effort to light the way to financial wellness for business employees with a special focus on financial literacy. North Star’s educational resources span various topics, such as budgeting and credit scores, and they offer on-site or virtual financial wellness seminars to their client’s employees.
“When we define financial wellness, it is helping people be better stewards of their own money and understand the financial world they need to live in,” says Chase Brakke, vice president of business owner solutions, North Star Resource Group. “When people understand the core principles of financial well-being, including how to control their emotions and use the frameworks in place for them, they are empowered to navigate complexities of their finances with conviction and clarity.”
And with a team of financial professionals with deep-rooted expertise, this financial education on a comprehensive range of services for insurance, investments, and life events planning, increases the job satisfaction not only of entry-level employees, but key people in the business as well.
“The thing with financial education is it is beneficial no matter where you are in your life or career,” says Brakke. “We work with clients who are just starting in their career up to those who are high-net-worth with millions of investable assets, and as those clients’ situations become more complex, we simply adjust our conversations and recommendations accordingly.”
A proactive approach is taken to help manage finances amid rising costs of living, and healthcare and insurance premiums. As a trusted advocate, the team advises on financial planning based on their interests and requirements and recommends the best wealth management product.
As an independent firm, North Star is not tied to any specific line of products, opening doors to a wide range of options. Whether it is financial planning, investments, life or disability insurance, employee benefits management, property and casualty insurance, or retirement planning, North Star has it covered.
As a trusted advisor, we singularly focus on our clients’ overall financial picture and enable them to make the most of their financial resources to achieve short- and long-term goals
This analysis allows the advisor to provide the client with a dedicated financial strategy built on their values and priorities. The professional then develops tailored product recommendations and charts out an implementation roadmap that prioritizes the most urgent needs while gradually addressing tasks that can be tackled over a longer timeframe.
This process can work for the individual or a whole business operation.
In one instance, North Star assisted a business facing a 40 percent rate increase in their employee health plan. Through strategic analysis and alternative options, it reduced costs while preserving the overall value of the benefits program. North Star also helped them with payroll integration, optimized the 401(k) plan, and facilitated key person planning.
Currently, the team is addressing their commercial insurance challenges and helping fund partnership agreements. North Star is also conducting educational seminars for the client’s employees to help them be better stewards of their hard-earned money. As a result, the client can maximize dollars in each area and improve employee retention and productivity.
“As a trusted advisor, we singularly focus on our clients’ overall financial picture and enable them to make the most of their financial resources to achieve short- and long-term goals,” says Brakke.
Steering ahead, North Star expands its range of services to meet the ever-changing client needs and remain an industry leader.
North Star Resource Group, 2701 University Ave SE, Minneapolis, MN 55414. 612.617.6000 Chase is a Registered Representative of Cetera Advisor Networks LLC, member FINRA/SIPC.
