Wednesday, May 24th, 2023 A topical newsletter from PLANADVISER Financial Wellness Financial wellness for participants goes far beyond retirement savings and security, and advisers are being asked by plan sponsors to discuss solutions and tools for those varying needs. The below articles look at the trends and needs in financial wellness. SPONSORED AD PRACTICE MANAGEMENT Custom Programs Can Reduce Black, Hispanic Employees’ Financial Stress Targeted coaching for Black and Hispanic employee resource groups led to reduced financial stress for workers, according to Financial Finesse. PRACTICE MANAGEMENT In-Person Client Meetings Return as Pandemic Dims, Volatility Remains A recent survey shows that advisers are doing more in-person meetings amid overall increased client touchpoints. DATA & RESEARCH 24% of Participants May Cut 401(k) Contributions Nationwide Retirement Institute recommends that advisers and recordkeepers work to help participants maintain their financial futures. DATA & RESEARCH Schwab Sees Record Attendance in Participant 401(k) Sessions Participants are favoring virtual sessions, and 18% boost their 401(k) contribution rate after 1:1 engagements. CLIENT SERVICE Advisers Can Help Educate on Emergency Savings, Student Loan Debt Matching Half of employers plan to add emergency savings and student loan debt matching via SECURE 2.0, according to MFS Investment Management. PRACTICE MANAGEMENT As SECURE 2.0 Changes Loom, Plan Sponsors Need Prep, Advice SECURE 2.0 gives advisers ample opportunity to connect with plan sponsors to ensure they are ready for both mandatory and optional plan changes. Did someone forward you this newsletter? Sign up here to get PLANADVISER Spotlight directly in your mailbox!

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