Magellan Federal has been selected by the Defense Department’s Office of Financial Readiness to provide personal financial management services.
The contract is for services offered through the Personal Financial Counselors program. It includes a 1-year base period with four option years, has a total estimated annual revenue of $60 million and includes over 370 counselors globally.
“We are honored that the government has selected Magellan Federal to provide financial management counseling to our service members and their families,” said Anna Sever, president of Magellan Federal.
Magellan Federal will deliver financial literacy education and resources to help military families reach their financial goals and maintain financial wellbeing. Services will be provided globally at over 270 military installations and civilian communities.
“We understand the negative impacts that financial stress can have on military families and mission readiness,” Sever said. “We believe in supporting the whole-person wellbeing of our service members and that includes addressing financial wellness. Our goal is to help reduce the risk of financial challenges to enhance individual performance and total force mission readiness.”
Financial counseling and education services will be provided to all active-duty members of the military services, National Guard and Reserve members, veterans and their immediate families.
