Financial Wellness

Discuss, Evaluate, Select: Three Tools to Get You Started

Executive Summary

Considering that over 64% of working Americans cite personal finance as their chief source of stress,1 it’s no wonder that over 80% of retirement plan sponsors say they intend to focus on financial wellness.2 Yet only about 20% of those sponsors have initiated a strategy.3

Use the tools outlined below with your clients to guide the financial wellness conversation and identify solutions that work for their people and their plan.

Financial Wellness Discussion Guide

It's nice when the right thing to do for employees is also the smart thing to do for your clients. This guide will show you where and how focusing on financial wellness makes sense from both a cost-conscious financial perspective and a benefits-minded human resources perspective. For the best results, review this guide with your clients - using it as a starting point for a deeper exploration of your clients' financial wellness needs.

Download the Discussion Guide

Review this guide with your clients as a starting point for a deeper exploration of your clients' financial wellness needs.

Financial Wellness Program Evaluator

Evaluating financial wellness programs is a challenge. With so many to choose from, how do you find the best match for your clients? Start by using this evaluator which breaks down the financial wellness landscape into five categories – providing unique characteristics, strengths, and weaknesses of each. Assist clients to determine needs and how different program styles and features may be matched.

Find the Right Provider for Your Plan

Review financial wellness program styles and features to match your clients' needs with the appropriate solutions.

Considerations for Selecting a Financial Wellness Provider

As financial wellness increases in popularity, it becomes critical to develop a valid framework for selecting a financial wellness provider. Providers offer a variety of tools, resources, and services. Due to the diversity of offerings, if employers can effectively communicate their highest-priority components of a financial wellness provider, they may be better suited to navigate what is becoming an increasingly complex landscape. Here are some considerations that employers may want to incorporate into their evaluation process. This list only serves as a framework to start their evaluation—the needs and priorities of every employer may differ.

Create Your Own Request for Information

Your clients can pick and choose from the questions compiled here to create a customized “Request for Information” and collect responses from their short list of financial wellness providers to assist in making an informed choice.

1 American Psychological Association 2015
2 AON Hewitt 2016 “Hot Topics in Retirement Study”
3 PSCA 58th Annual Survey 2015

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