August 21, 2019
Washington D.C., – ALTO Solutions Group, LLC, a financial services company based in Northern Virginia, is set to roll out Sherpa, a personal finance platform, for employers looking to enhance their voluntary benefits program with a Financial Wellness software solution. ALTO is proud to offer forward-thinking employers this innovative and timely benefit for their employees.
Financial stress increases employee absenteeism and turnover (for better compensation) while reducing productivity. In a 2019 survey, PwC reports that 59% of employees report personal financial issues as being a distraction at work and their number one life stressor. By offering Sherpa as a benefit to employers, ALTO hopes to help companies increase their employee retention and engagement while empowering employees to take control of their finances and their future.
Benefits for Employees
Sherpa is a fully encrypted, secure, and 100% ad-free personal finance platform enabling employers to provide a voluntary benefit to help alleviate employee financial stress. With Sherpa, employees gain access to an easy-to-use, web-based platform for managing all of their financial accounts in one place. Employees can monitor their banking and credit card account balances, track bills, and track expenses, including custom expense categories. In addition, the Sherpa platform will soon offer investment and net worth tracking assistance, as well as access to Financial Advisors for employee guidance on financial questions.
Employees will benefit from the ability to quickly get a comprehensive view of their finances in one platform without logging into multiple accounts. With one log-in, employees will no longer need to access sensitive financial data from multiple accounts thereby reducing their likelihood of being a victim of identity theft.
Benefits for Employers
The numbers show that employers are starting to get ahead of the curve on what used to be considered “fringe” benefits. According to the Society for Human Resource Management (SHRM), a 2018 Willis Towers Watson survey showed that “two-thirds of employers (69 percent) believe voluntary benefits, such as financial aid and planning resources, will be a very or more-important component of their total rewards strategy in three to five years.” The survey included 4.3 million respondents from 336 companies, 80% of which had over 1,000 employees. ALTO Solutions recognizes that voluntary benefits are no longer fringe but are increasingly becoming an essential and expected part of an employee’s overall compensation package.
Employers offering Sherpa as a resource for managing personal finances will benefit from increased employee engagement, retention, and recruitment. Depending upon each company’s needs, Sherpa licensing packages may be purchased for employees at reduced rates based on volume and corporate customization.
To further customize Sherpa as a solution, companies may opt for a co-branded access page that is made accessible via their company intranet page or other designated site. Serving as a portal for employees to access Sherpa, companies can determine the level of access they need depending upon their IT and other requirements. Adding a single access point to the user experience increases the ease of employee accessibility while also streamlining internal communication around access to voluntary benefits.
“We are ready to help American workers keep outside stress away from the workplace and help employers to offer a benefit that can make a difference in the lives of their employees,” said Alex Iglesias, President of ALTO Solutions Group. “We definitely understand the distracting and stressful nature of personal finances and we’re excited to offer Sherpa as a solution that can help alleviate those things in people’s daily lives.”
About Alto Solutions Group, LLC
ALTO Solutions Group, LLC started as the vision of a father-and-son team, looking to utilize their individual strengths in accounting and business development. Seeking to create a premium services company, the two set out on a mission starting in late 2017 to bring strategic, financial, and project management expertise to the business world. ALTO created Sherpa financial software to help its users move their money forward. For more information about ALTO Solutions Group, visit altosg.com. For more information about Sherpa, visit gotosherpa.com/enterprise or follow us at @gotosherpa.
CONTACT:
Kristin Snow
SOURCE:
Alto Solutions Group, LLC
RELATED LINKS:
gotosherpa.com/enterprise
PwC’s 8th annual Employee Financial Wellness Survey, PwC US, 2019
