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Northstar

Thursday, February 24, 2022

Northstar provides 1-on-1 financial and benefits advice to employees, which helps companies increase engagement and support their teams at scale during onboarding, open enrollment, equity events, and more.

Transcription:

What is Northstar?

Northstar is a financial wellness platform, so we partner with the companies to help employees make better use of their total compensation through a combination of FinTech tools and financial advisors. So we help employees navigate decisions about everything from retirement to equity, health benefits selection, tax planning, savings, debt payoff, utilizing their perks, and more. We're really intentional in building a company and a solution that we would be proud to recommend to our loved ones. And because the financial services industry doesn't have the best reputation, we wanted to use a different model here. We have an in-house team of financial advisors that work full-time for Northstar and don't sell any services. And this enables them to really focus on what their client's goals and needs are. And we match them one-on-one in the way that you would work with a therapist because talking about your finances isn't always easy.

How is Northstar different?

Northstar is not just a perk for employees. We partner with the employer and take into consideration all the great benefits that they offer. So we bring together personal finance and work benefits under one system. And in addition to helping you budget your paycheck, pay off your debt, save and invest, Northstar can help suggest benefits you get through your employer that can help you achieve your goals. Unlike many traditional financial solutions, we really like working with employers because that's the moment people have the most questions. We wanted to build a holistic service that considers employees' whole lives. That's why we focus on total compensation, such as health insurance, equity, and perks, and compared to other financial wellness and benefits, Northstar's financial advisors are full-time employees of Northstar and they're able to dedicate 100% of their time to Northstar's users, which enables them to build a more personalized relationship and provide proactive advice. And with an average of 30 interactions per year, we're able to support HR and benefits teams, giving them back time as well, helping to scale individualized support for their employees without having to scale their own operations.

Who is a good fit for Northstar?

Yeah, we founded Northstar in 2016 with the mission of making personal finance best practices accessible to everyone. We can support companies of all different sizes. For example, Zoom, Snap, Discord, ServiceTitan, and NerdWallet are all customers of ours. Our employee members also have a wide range of backgrounds, incomes, responsibilities, and goals. We know that diverse teams are made up of people at different life stages and we meet them where they are. So that could be a recent grad who's paying off their loans and trying to save for the first time, somebody who's starting a family, buying a home, supporting your parents financially, saving for higher education, understanding the impact of your equity, a whole range of different backgrounds. And the best indicator of just how we can support diverse teams is our 50% overall average enrollment rate, which is higher than any other voluntary benefit out there.