The demand for financial wellness programs by employees is leading to a new avenue of work for advisors, including full-time positions at major corporations.

“As employers explore the tools and resources they would like to provide to employees, they find there’s a need for one-on-one advice,” said Megan Yost, head of participant engagement with State Street Global Advisors (SSGA) in Boston. “Everyone’s looking for that, and so obviously there’s a space and place for financial advisors.”

Some 60% of employees want their employers to offer one-on-one financial planning assistance, but only 13% of employers currently provide one-on-one financial advising, according to a State Street Global Advisors Retirement Survey, which was discussed at a press luncheon in Manhattan yesterday.

“There’s a point at which some employers are finding guidance but not advice and they are looking to financial advisors to provide that advice,” Yost told Financial Advisor.

In Australia, financial advisors are already filling staff positions to provide guidance and advice to employees.

“Some of the larger paternalistic employers have taken it upon themselves to actually have staff within their organization that do nothing but give financial advice,” said Nigel Aston, head of European defined contribution for SSGA in London. “These individuals are employed by the company itself rather than outsourcing to a third-party advisor. It is common practice in Australia, and like anywhere, organizations need to make sure that regulatory fiduciary risk is managed well.”

However, in the U.S. employers hiring financial advisors to work on staff may be cost prohibitive in some cases.

“The problem with providing financial advice is that if it’s an actual person it’s expensive,” Aston told Financial Advisor. “Anything that involves a human being giving the advice would be more costly than automation.”

Of those employees seeking automated tools from their employers, 57% desire an online tool that aggregates financial information to help manage household finances, 52% want workshops and tools on budgeting and saving and 50% want workshops and tools on building healthier spending habits.

But regardless of how sophisticated or automated employer financial wellness programs become, experts say there will always be a need for financial advisors whether they are hired independently, as full-time employees or as third-party vendors.

“I think financial advisors will move in the direction of providing a broader, more holistic view, which will include taxation, allocation, location, budgeting to control expenses and whether employees have insurance and wills in place,” said Fredrik Axsater, global head of defined contribution for SSGA in London.

Of employees whose employers offer one-on-one financial advising, 68% use the service, and the most important reason for employers to offer a financial wellness programs is productivity.

“We all know that financial concerns are usually top of mind for individuals and families, but the findings from this survey clearly demonstrate how much concern individuals have about finances,” Axsater told the personal finance site MainStreet.

Largely 34% of employees say they would be more productive at work if they could manage their finances effectively. About 27% are stressed by health-care costs and 21% by mortgage debt, while 20% cited not having saved enough for retirement.

“Financial and workplace stressors have the greatest impact on work quality and productivity, which confirms what we are hearing from employers that we need to address workplace financial demands beyond retirement savings,” said Axsater.

Some 80% of employees think their employers should provide resources to improve their financial wellness and decrease their stress levels.

“Financial wellness is an emerging trend,” said Yost. “There’s opportunity for a lot of providers, including financial advisors.”