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Building True Relationships with Participants

(Cont...)

Indeed, a Bank of America Merrill Lynch Workplace Benefits survey of plan participants conducted last June found that many participants would like such guidance; 51% said they would like access to a financial professional, 46% want online tools, and 39% want to be offered financial seminars relevant to their life stage and personal situation. Plan sponsors, too, increasingly value financial advice. Bank of America Merrill Lynch surveyed plan sponsors in December and found that 81% of human resources professionals believe they are at least somewhat responsible for their employees’ financial wellness, and 70% of employers offer employees access to one-on-one advice, up from 56% in 2012.

The bottom line, Brice says, is “when you do the right thing by people, yes, it can lead to opportunities. But those opportunities should be a byproduct of doing the right thing.”