PLANADVISER - March/April 2019 - 20

Redefining Wellness:
It Starts with the Employer
W
hen it comes to benefit
program delivery, the definition
of " wellness " is about
to change.
Traditionally, the term has focused
on employees as the primary beneficiaries
of employer-sponsored benefits.
" Financial wellness " has become a core
part of the retirement plan benefit story
and has sparked educational programs
and plan design strategies that have
improved outcomes for employees
(namely, more adequate retirement
income). However,
traditional
definitions
of wellness have failed to address
the wellness of businesses themselves-
without which, employee financial wellness may not be possible.
Ascensus recognizes that wellness starts with the employer,
as both the sponsor of employee benefits and a powerful center
of influence for employees. Yet business challenges may limit
the employer's ability to expend time, energy, and resources to
support employee wellness. Indeed, research from Pew reveals
that while 96% of small business employers recognize the need
to help their employees save for retirement, many struggle
with adequate resources (22%) or find retirement plans too
expensive to implement (37%).1
That's why Ascensus is turning
the focus to another important component: business wellness.
To help better articulate the value of investing in a retirement
plan benefit-particularly in terms of what an employer can
gain-Ascensus is quantifying wellness in terms of its impact
on the bottom line. By supporting business wellness, the firm
aims to equip employers to deliver stronger, well-managed
benefits programs and, in turn, increase employee financial
wellness.
Building a Framework to Deliver Value
Ultimately, wellness
is
about driving outcomes-both for
employees and their employers.
WellBusiness by Ascensus, a framework that represents
an innovative way of operating, has recently been introduced
to the retirement plan marketplace. A leader in delivDavid
Musto
President of Ascensus
ering recordkeeping value for decades,
Ascensus is undertaking a new initiative
to more meaningfully quantify the
worth of certain educational programs,
reports,
services, processes-and even
the expertise of its people. This is the
first phase of what will be an ongoing
investment in defining value for both
plan employers and advisers.
WellBusiness is as practical as it is
thoughtful. More than a program, the
framework realigns the Ascensus offering
around employers' primary business goals,
helping them build sustainable workforces,
mitigate risk, and develop core competencies.
The hypotheses are:
1. Retirement plan benefits that attract and retain talented
employees will
workforce.
2. Employers who understand risk, particularly fiduciary risk,
will be better able to manage and reduce it-saving time
and money (and headaches).
3. Professional development and practical educational programs
will make business leaders more proficient, efficient,
and effective-and potentially more profitable.
Using predictive analytics and data-based insights, the
Ascensus team is testing these hypotheses to tell the value story-
by quantifying the value of knowledge, expertise, and time. From
the inception of WellBusiness, the firm has engaged in-house
data scientists and senior leaders who will continue to drive future
enhancements as the framework evolves.
" Our WellBusiness framework combines excellent service and
new educational programs to tangibly increase the productivity,
sustainability, and growth of businesses, " says David Musto,
president of Ascensus. " Ultimately, we're making strategic investments
with a simple premise: Businesses that know better will
perform better. Leveraging WellBusiness, advisers can spend less
time getting clients up to speed and more time focusing on highlevel
counsel that adds value above and beyond the day-to-day. "
Just as financial wellness centers on employee education,
business wellness means educating the employer. With the
launch of WellBusiness, Ascensus is introducing a new webinar
series on trending retirement- and business-related topics, as
well as exclusive access to the Certified Plan Sponsor Professional
(CPSPTM
) designation, a new plan sponsor credential program
offered in partnership with the American Retirement Association
lead to a more sustainable, productive
SPONSORED SECTION
PLANADVISER - March/April 2019

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