PLANADVISER - Spring 2023 - 12
Nuts & Bolts
Financial Wellness Differentiators
FINANCIAL WELLNESS tools are
now readily accessible-but
growing agreement among at
there is
least
some advisers that access is not enough.
" Online financial wellness tools have
been available for two decades, " notes
Chris Jamail, executive vice president
and chief marketing officer at TCG, a
Hub International company, in Austin,
Texas. " The issue is that people don't
understand the information still: Many
people aren't taught good financial
habits growing up. "
The tools must become part of
an adviser's discussion with clients,
sources say. " Five years ago, financial
wellness was 'the sprinkles on top of
the cake,' a 'nice to have,' " says Nate
Pratt, vice president of business development
at OneDigital
in Charlotte,
North Carolina. " Now, it's the cake
itself: It's not a 'nice to have' anymore. "
Different by Design
Regardless of which financial wellness
program or provider is used, it
is important to define " financial wellness "
with an employer at the outset,
because the term is broad and can
mean many things, says Michael Paris,
president of Paris International Corp.,
an employee benefits consultancy in
Great Neck, New York. " Our mentality
has been that we design the program
from the bottom up: The participant
drives the boat. "
When customizing a program, Paris
FINANCIAL WELLNESS is the latest frontier of participant education.
According to the 2023 PLANSPONSOR Industry Benchmarking
report, 77% of plan sponsors offer some sort of financial
wellness program. Participants are taking notice too: Of respondents
to the 2022 PLANSPONSOR Participant Survey, 43.5% said
financial literacy/wellness programs were extremely helpful in
improving their economic status and reducing financial stress.
12 planadviser.com | Spring 2023 | Participants Art by Gizem Vural
International provides a survey to the
employer client to send to employees.
While financial interests and stressors
vary by employee demographics, he
says, four major topics besides retirement
planning crop up periodically
when surveying employees: basic
budgeting, debt management, planning
to pay for a child's college education
and estate planning.
A program's design, and in what
ways it is customized at the employer
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PLANADVISER - Spring 2023
Table of Contents for the Digital Edition of PLANADVISER - Spring 2023
A Step in a New Direction
PLANADVISER Adviser Value Survey
DB Summit
What Participants Need
Advanced Offerings
Expanding the Adviser Remit
The Long Goodbye
Missed Opportunities
How to Avoid Fee Conflicts
Who’s to Blame?
PLANADVISER - Spring 2023 - C1
PLANADVISER - Spring 2023 - C2
PLANADVISER - Spring 2023 - 1
PLANADVISER - Spring 2023 - 2
PLANADVISER - Spring 2023 - 3
PLANADVISER - Spring 2023 - 4
PLANADVISER - Spring 2023 - 5
PLANADVISER - Spring 2023 - 6
PLANADVISER - Spring 2023 - 7
PLANADVISER - Spring 2023 - 8
PLANADVISER - Spring 2023 - 9
PLANADVISER - Spring 2023 - 10
PLANADVISER - Spring 2023 - 11
PLANADVISER - Spring 2023 - 12
PLANADVISER - Spring 2023 - 13
PLANADVISER - Spring 2023 - A Step in a New Direction
PLANADVISER - Spring 2023 - 15
PLANADVISER - Spring 2023 - 16
PLANADVISER - Spring 2023 - 17
PLANADVISER - Spring 2023 - PLANADVISER Adviser Value Survey
PLANADVISER - Spring 2023 - 19
PLANADVISER - Spring 2023 - 20
PLANADVISER - Spring 2023 - 21
PLANADVISER - Spring 2023 - 22
PLANADVISER - Spring 2023 - 23
PLANADVISER - Spring 2023 - DB Summit
PLANADVISER - Spring 2023 - 25
PLANADVISER - Spring 2023 - What Participants Need
PLANADVISER - Spring 2023 - 27
PLANADVISER - Spring 2023 - 28
PLANADVISER - Spring 2023 - 29
PLANADVISER - Spring 2023 - Advanced Offerings
PLANADVISER - Spring 2023 - 31
PLANADVISER - Spring 2023 - Expanding the Adviser Remit
PLANADVISER - Spring 2023 - The Long Goodbye
PLANADVISER - Spring 2023 - Missed Opportunities
PLANADVISER - Spring 2023 - 35
PLANADVISER - Spring 2023 - How to Avoid Fee Conflicts
PLANADVISER - Spring 2023 - 37
PLANADVISER - Spring 2023 - Who’s to Blame?
PLANADVISER - Spring 2023 - 39
PLANADVISER - Spring 2023 - 40
PLANADVISER - Spring 2023 - C3
PLANADVISER - Spring 2023 - C4
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