Eckler buys consulting firm Employee Financial Well-Being

30 January 2019 2 min. read
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Toronto-headquartered actuarial and consulting firm Eckler has acquired Oakville, ON–based training & education consultancy Employee Financial Well-Being (EFW).

Founded in 1927, Toronto-based Eckler Ltd. provides consulting and actuarial services to clients across the world. On the financial services side, the firm offers life, property, and casualty insurance consulting; Eckler also provides pension, benefits, and investment consulting. The firm further delivers communications and change management solutions, including employee financial wellness programs.

Financial stress is a big productivity killer, with US employees spending an average of 13 hours per month worrying about their financial security. According to research from Mercer, this means US$250 billion in lost wages annually. To combat financial stress and productivity losses, firms initiate financial wellness programs.

Oakville-based Employee Financial Well-Being (EFW) – which has now been acquired by Eckler – is one such consulting firm that provides programs and training in the area. The firm delivers facilitated financial education modules, step-by-step guides to financial planning, 24/7 access to web tools and webinars, and additional learning aids and resources. EFW argues that its offerings boost productivity, talent attraction and retention, engagement, and satisfaction with compensation, while reducing absenteeism and drug benefit costs.

Eckler buys consultancy Employee Financial Well-Being

Eckler’s absorption of EFW bolsters the firm’s employee financial wellness offering. "Eckler's acquisition of EFW is another meaningful commitment to help Canadians improve their financial security," commented Janice Holman, Principal and leader of the Defined Contribution and Financial Wellness practices at Eckler. "While Eckler's roots are in helping Canadians secure retirement income, we've recognized that in today's consumption-based world, teaching Canadians the foundation of money management is key to help them achieve the lifestyle they want, both today and in retirement."

Eckler has offices in Toronto, Montreal, Quebec City, Halifax, Winnipeg, and Vancouver, as well as international offices in Jamaica and Barbados. The firm is a founding member of Abelica Global, an international alliance of actuarial and consulting firms across 25 countries. The alliance allows for collaboration and resource sharing between members while maintaining firm independence.

"Eckler is a perfect fit for the types of services EFW offers," said Frank Wiginton, CEO of Employee Financial Well-Being. "EFW has prided itself on its ability to engage and educate members from a holistic perspective, the same approach Eckler takes with its service offerings. It is equally important that Eckler engages clients without any biases or conflicts – a philosophy EFW has embraced since we opened our doors. We look forward to leveraging Eckler's deep retirement, benefits and communications expertise to nationally broaden our leading financial education."