PLANADVISER - July/August 2020 - 30

winners' circle //
were characterized as group thinkers, experientialists, job
jumpers and non-savers. Post-2015, they're being recognized
as inclusive, global and having a different perspective. They
do save, and they're now in positions of authority, becoming
heads of human resources, CFOs [chief financial officers].
They have a different view of the world, and they feel that
companies should provide wellness services.
The third thing is technology. It has become infinitely
" We were
doing
45-minute
webinars.
We now do
60-second
or 75-second
clips. "
more sophisticated. We now have data analytics, data
intelligence, business intelligence. We know the true cost
for all of our benefit plans. We know who is married, who
has renter's insurance, etc. We have all the data, and we
know this Millennial cohort
inside and out. I can go to
any company in any location
and find out the averages on
Millennials in that region.
There are other things, but
I think it's the demographic,
the technology, the fact that
employers look at financial
wellness as a strategy, as part
of the benefits package, and it
helps the company.
As a Gen-Xer, I once worked
as an investment banker, 100
hours a week, sleeping at
my desk; we worked all day
Saturday and Sunday on Wall
Street and in San Francisco. I
can assure you no one was asking me how my emotional
well-being was, or " Are you financially anxious? "
When I accepted the award five years ago, I did talk about
empathy and improving people's lives-we've talked about
that forever. But I wasn't espousing financial wellness. Now
I can't be on the numerous calls I'm on each day without
someone saying, " My biggest issue is financial wellness " -
but they may not know what it means. It's a strategy, it's a
tool, it's an app, it's education, it's planning. Financial wellness
is a total lifetime road map to get you from a place of
financial anxiety to a place of financial freedom.
Wedge: We were probably talking around the edges of financial
wellness back in 2013. We were doing 45-minute webinars.
We now do 60-second or 75-second clips. We've gotten
a lot better at getting participants to engage with what we're
doing. I think the proliferation of automatic enrollment, automatic
escalations and QDIAs [qualified default investment
alternatives] has helped with the basics of getting folks into
the plan, getting the deferral percentages where they should
be and getting them invested in a proper asset-allocation
model. So, when we start working with participants, we can
push past the basics, because we've got those in place.
I laugh when I think we did those long webinars. Since
then, we've engineered how we communicate with participants.
We let them sign up for things, and most will. We
distribute a monthly educational email, and most of these
have digital media embedded within them. Participants can
sign up to receive a weekly market recap and a quarterly
investment review. We offer quarterly reviews of their plan
investments, as well. We've got tons of tools for them to use,
but if they don't want to up their game with us, we at least
know they're in a great asset allocation.
A couple of years ago, we added to our platform what
we call Smart Map. It's a full-blown investment product
enabling us to build a complete financial plan for participants.
It's completely unbiased. We don't sell any product,
but for participants who want to engage with us, we'll help
them consolidate their financial information and create
a plan for them. There is a cost to it, but most employers
pick that up. We're seeing about an 8% to 10% uptake and
are hoping to get closer to 15%. It's not for everyone, but for
those who want to engage, it can be life-changing.
Fiumara: Since 2015, the most significant changes have
been employers integrating wellness initiatives that result
in behavioral changes, plus more employer-sponsored
programs dedicated to cultural diversity and volunteerism
within local communities. Many employers have taken an
active role in supporting wellness programs, as studies have
shown that improved quality of life positively affects overall
productivity and the health and stability of the workforce.
Employers are learning that the long-term success in
building a sustainable model to fit their culture begins with
the encouragement of healthy behaviors as both wealth and
health have become equally important.
The retirement plan adviser has evolved into being a
retirement benefits adviser. Today's adviser has expanded
his skill set to become an extension of the human resources
team. More collaboration in working in tandem with recordkeepers
has emerged in not only assisting with operational
compliance deadlines, but also with strategically reviewing
plan design and employee communications.
At UBS, we have a formal financial wellness program
that aims to help employees of all ages and income levels
have a positive relationship with their money. We have
access to global resources and financial expertise that
allows us to provide financial education and guidance to
employees and companies of all sizes. Employees have
access to a UBS financial adviser who can help them optimize
their finances and receive personalized education and
guidance. Our approach provides employees with access to
human and digital education that appeals to each individual's
preferences. Employees also have the ability to complete
a financial wellness assessment so they and their adviser
can identify areas that require the most attention. Ongoing
interaction with employees is available via email, seminars,
webinars, and on-site and phone one-on-ones.
Our individual practice also complements an employer's
wellness program, as we can customize topics tailored to
the client's demographic group. We formalize webinars on
various subjects as the first step in a conversation in a financial
planning session. Other topics include: asset allocation
and Social Security, to name a few. -Judy Faust Hartnett
30 | planadviser.com July-August 2020
http://www.planadviser.com
PLANADVISER - July/August 2020

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