Financial wellness programs should also avoid overloading employees with information. The most effective programs start at the right level for the employee, then help him or her take one step at a time toward their goals.
Financial Wellness As An Engagement Tool
Employees who don’t understand their financial picture, and who don’t feel a sense of ownership over their own financial outcomes, are unlikely to set realistic financial goals, much less see a company retirement plan as a tool for achieving them.
By working with third-party financial wellness partners whose offerings incorporate the elements above, however, retirement plan sponsors and plan advisors can help make a lasting contribution to the long-term well-being and quality of life of their plan participants.
Rick Kent is president of Merit Financial Group, an independent hybrid RIA with approximately $2.6 billion in client assets that operates Worksite Financial Wellness, a third-party financial wellness services provider for the retirement plan space.