PLANADVISER - January/February 2021 - 13

Modes of Persuasion
The ROI on financial wellness programs
MORE EMPLOYERS today are investing their
time and money in financial wellness
programs. And many want to know how
to make this benefit more appealing-and
engaging-to their workers.
The first thing an adviser with such
a client should do is " try to understand
its culture and the various segments
of its employees, " says Nancy DeRusso,
managing director and head of coaching
at Ayco, a Goldman Sachs company.
" Perhaps they'll learn that most of the
company's employees don't work at their
desk with a computer, " so then, a mobile
app or one-on-one coaching from a call
center would be the best way to connect,
DeRusso says.
" The next step is to meet employees
where they are financially, " DeRusso says.
Ayco-which offers financial counseling
to employees across corporate America,
covers seven topics: tax planning; risk
management; benefits and compensation;
cash flow planning; investment planning;
retirement planning; and estate planning.
These topics resound the most with all
levels of workers, DeRusso says.
Ayco presents its financial wellness
program three ways: through group
educational meetings, digital tools and
one-on-one counseling, the last being
most popular, DeRusso notes.
At TIAA, workers' main topic of
interest is learning about managing their
daily finances, including budgeting and
emergency savings, says Snezana Zlatar,
senior managing director, financial wellness
advice and innovation, at TIAA.
" Second is saving and investing for retirement
and other long-term goals, and,
third, protecting against risks. "
Tom Kelly, principal and voluntary
benefits leader at Buck, points to a shift
in priorities for the programs, away
from retirement readiness first. " Today,
employers acknowledge that short-term
financial stressors should be addressed
before a participant can save for retirement.
That means helping them with their
budgets, including how to pay down highinterest
credit card debt, student loan debt,
[etc.]. To be successful, a financial wellness
program needs real-world solutions. "
Matt Compton, director of retirement
services at Brio Benefit Consulting, says
reducing people's financial stress improves
their quality of life. " Employees worry just
as much about quality of life as they do
their salary, " he says. " We believe a sound
financial wellness program should help
employees keep spending within their
means, and this can be achieved by giving
them a comprehensive suite of tools to
make good decisions. "
Compton also recommends that
companies keep their financial wellness
programs separate from other benefits.
Finally, the Retirement Advisor Council
suggests that employers give their workers
financial
incentives
for participating in
their financial wellness program, much as
they do with health benefits. -Lee Barney
Politically Correct
S&P 500 boards appointed 413 new
independent directors in the 2020 proxy year,
according to consulting firm Spencer Stuart.
Fifty-nine percent were women and minority
men, tying the 2019 record for the year with the
most diverse new independent directors. All S&P
500 boards have at least one woman for the first
time, but new directors represent only 8% of all
S&P 500 directors, consistent with prior years.
ON THE MOVE
➜ Roger W. Ferguson
Jr. of TIAA will retire as
president and CEO on
March 31. Ferguson
steered TIAA through
the financial crisis of
2008 and 2009 and
moved quickly at the
onset of the coronavirus
pandemic to implement
remote work for 17,000
global employees.
➜ Beacon Pointe
Advisors merged with CBD
Wealth Management,
a financial advisory firm
in Metairie, Louisiana,
with $690 million in assets
under management.
➜ Dechert LLP hired
Howard Klein as a
partner in the firm's
employee benefits and
executive compensation
group, in New York City.
➜ PCS Retirement
added to its leadership
team: Tammy Ouverson,
vice president of
business development,
and Savit Tewari,
executive vice president
of client service.
➜ Empower Retirement
appointed Jonathan
Kreider to senior vice
president and head of
Great-West Investments,
and Kenneth Munro III
as national sales director
for the company's core
market segment.
planadviser.com January-February 2021 | 13
➜
http://www.planadviser.com
PLANADVISER - January/February 2021

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