FlexWage integrates with Creative Planning Business Services’ HCM and payroll solutions to offer robust EWA financial wellness benefit services.
SCOTTSDALE, ARIZONA (October 17, 2023) – FlexWage Solutions LLC and Creative Planning Business Services have partnered to provide Earned Wage Access (EWA) financial wellness benefits and FlexWage payroll cards to Creative Planning Business Services’ clients.
“EWA is a fast-growing, highly sought after, voluntary financial wellness benefit that gives Creative Planning clients a significant advantage in today’s competitive work environment,” said Matt Lovitz, HCM Solution Sales Manager at Creative Planning Business Services. “Today’s workforce wants, and needs, more frequent access to their pay. Employees use EWA to deal with emergencies and to pay unexpected bills and expenses.”
“EWA has become increasingly important to business leaders as they seek to improve the financial well-being of their employees and to attract and retain top talent,” said Frank Dombroski, FlexWage Founder and CEO. “We’re thrilled to partner with Creative Planning Business Services in delivering this benefit across their client base and to assist the hardworking Americans they employ.”
Creative Planning Business Services selected FlexWage for its EWA solution based on several differentiating factors:
Accurate Accrual of Wages. Unlike other EWA solutions that guesstimate an employee’s earned wages, the FlexWage EWA solution integrates with Creative Planning Business Services’ K-Pay’s actual data on employee hours worked and payroll information for the FlexWage EWA system, allowing employees to access transparent, accurate, and actual accrued wages when they need it most.
Program Policies. FlexWage provides Creative Planning Business Services clients with financial wellness guardrails for the EWA program, including policies that govern the percentage of net wages available, access frequency per pay cycle, month, and year, and minimum transaction amount.
Real-Time Access To Funds. FlexWage EWA provides employees instant access to their accrued wages. There are no mandates to use a payroll card, eWallet, or vendor account to receive funds and no incremental or expedited fees.
No Change To Payroll. The employee pay cycle, payday elections, and payment preferences are not impacted or changed by FlexWage EWA. EWA transactions are incorporated into payroll and deducted from the employee’s pay. Transactions and fees are listed on the employee’s pay statement. Employees continue to get paid in their usual preferred settlement method – including checks or ACH into their checking account.
Ease of Implementation Through Integration. OnDemand Pay, The FlexWage EWA solution, is integrated into Creative Planning’s K-Pay Human Capital Management (HCM) and supported by UKG Ready and their all-in-one HR solution. K-Pay allows clients to manage nearly every workforce element — recruitment, hiring, management, and everything in between — while providing employees with the best user experience possible.
Recognized Regulatory Compliance. The California Department of Financial Protection and Innovation (DFPI) and the Kansas Office of the State Bank Commissioner (OSBC) have each written opinion letters supporting the FlexWage EWA methodology, demonstrating that both states are confident in the FlexWage EWA model. The accuracy of the data, the funding method, payroll deduction, and transparent and capped fees are the foundations for these opinions.
“We’re very enthusiastic about our partnership with FlexWage. Together, we make our HCM clients much more competitive in their recruiting and hiring, and increase overall employee satisfaction,” said Mr. Lovitz. “The FlexWage solution is in line with our client and ‘employer first’ philosophy. It is a true financial wellness benefit that positively impacts the lives of workers.”
About FlexWage Solutions
FlexWage helps employers attract, engage, and retain employees with financial wellness benefit solutions. FlexWage’s OnDemand Pay solution is an employer-funded, regulatory-compliant Earned Wage Access (EWA) solution. It helps employees manage cash flow volatility by accessing their earned wages between pay cycles. FlexWage prevents the high cost and stress of bank overdraft fees, late fees, and short-term loans by providing employees access to their money when they need it. Once established on a more solid footing, employees can focus on financial education, budgeting, and planning solutions with FlexWage’s Sum180 solutions. FlexWage provides financial wellness services to partner institutions and directly through employers. Founded in 2009, FlexWage invented and patented Earned Wage Access.
About Creative Planning
BerganKDV is now Creative Planning Business Services. BerganKDV recently joined Creative Planning Business Services, one of the nation’s top independent wealth management and investment advisory firms also providing a comprehensive suite of consulting, tax and advisory services for businesses and institutions. Together, we’re building the nation’s preeminent wealth and business advisory practice, where our values drive our decisions and our passion is putting our clients at the center of everything we do. Learn more at creativeplanning.com.
Media Contact
press@flexwage.com – (888) 754.8866
matthew.lovitz@creativeplanning.com – (320) 229.6134
Originally posted on EIN Presswire