Ahead of the marcus evans CFO Summit 2022, Peter Durbin and Matthew Suters discuss why companies should offer financial services to their staff members.

1. Interview with: Peter Durbin –
Founder/Managing Director &
Matthew Suters – Practice Manager
& Financial Advisor, Oracle Advisory
Group Pty Ltd
“Offering all staff members financial
planning services would help organisa-
tions improve employee retention and
productivity,” says Peter Durbin,
Founder/Managing Director, Oracle
Advisory Group Pty Ltd. “The financial
wellbeing of staff should always be a top
priority for CFOs. They have everything
to gain and nothing to lose by providing
this service to staff,” adds Matthew
Suters, Practice Manager & Financial
Advisor.
Oracle Advisory Group Pty Ltd is a
financial advisory group attending the
marcus evans CFO Summit 2022.
Why should companies offer
financial planning services to their
staff?
Durbin: Improving the financial
wellbeing of all staff benefits the entire
business. Most people need help with
their tax planning, savings, invest-
ments, home loans and insurance. They
do not know what they can and cannot
do, but sometimes even small changes
can make a big difference in their lives.
They may be paying too much tax or
their loans may be too expensive. Not
being insured or being under insured
could be a big mistake. There are many
pitfalls they need to avoid, or mistakes
to fix, that would help improve their
financial situation.
Suters: Not taking superannuation
seriously enough early enough can be a
big mistake. People need to know the
difference they could make if they saved
extra money aside for retirement.
How would providing this service
impact staff retention and produc-
tivity? Why should CFOs lead this
effort?
Durbin: It is a good employee retention
tool for CFOs, especially if the workforce
is mature or they face staff shortages. It
prevents people from leaving too early.
We know staff retention is an important
part of keeping a business profitable.
When people are motivated and looking
after their money better, there will be a
positive vibe in the workplace. It will
help them be an employer of choice. It
is a great value-add, a benefit of
working for that business. It is always
good when an employer is seen as
looking after the welfare of their staff. It
is not all about the company but about
the people working for it.
Suters: Employees who are getting
sound financial advice are less likely to
get into trouble and face financial
stress, which can impact their ability to
work. CFOs can remove some stresses.
Getting financial advice in Australia is
getting more and more difficult. If CFOs
can have someone coming in to provide
staff with financial advice, whether they
subsidise or fully cover the costs, that
will benefit every staff member.
What risks should people plan for?
Suters: It depends on the person and
their stage of life, but the average
person has less than a week’s savings in
the bank. Are they saving enough for
their retirement? Do they have enough
resources in case something goes
wrong?
What makes your approach unique?
Durbin: We are more than a financial
adviser or planner. We understand the
investment side of it, and actually
manage the money ourselves. That is a
key difference. We offer a broad range
of services under one roof, so people do
not have to take time out of their busy
day to run around to multiple service
providers to get everything done. We
are prepared to go to their workplace. It
is important to be proactive with this, as
many people are either busy, lazy or not
motivated to visit a financial planner.
Not many employers are actually going
this extra mile for their staff members,
when it is very clear that people need to
improve their financial literacy.
Staff
retention is
an important
part of
keeping a
business
profitable
How Improving Financial Literacy Can Help
CFOs Boost Staff Retention & Productivity

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