This year, the Practice Development column in PLANADVISER print explored various ways retirement plan advisers can expand their practices beyond 401(k)s, with the goals of adding new revenue streams, better serving participants and solidifying client relationships.
Tag: financial wellness
The 2018 PLANSPONSOR Defined Contribution Survey finds that 403(b) plan sponsors offer more formal financial education/guidance on a variety of topics than the overall 4,000 defined contribution (DC) plan sponsors surveyed.
Prudential Financial looked at the financial health of Asians, Blacks, caregivers, Latinos, LGBTQ Americans and women.
Findings in a Buck survey demonstrate that a failure to creatively invest in employee wellness can result in many adverse consequences for the success and sustainability of a business.
To make sure employees’ investment are diversified, Marc McDonough, with Schwab Workplace Financial Solutions, suggests employees should be offered a financial wellness program to help them understand a range of financial issues, including how much of their net worth is tied to equity compensation and how to properly balance their overall portfolio.
The majority of respondents to a Cuna Mutual Group survey feel positive about their prospects for upward wealth mobility; on the other hand, a quarter say they have no emergency savings.
Fifty-five percent of Baby Boomers say they would save more for retirement if they could pay off their debt, GOBankingRates found in a survey.
The program rounds up debit card purchases and checking account transactions to the nearest dollar and stores the change in employees’ Cookie Jar savings accounts.
The solution uses new digital technology to help employees assess their individual financial wellness needs.
Debt is getting in the way of saving for retirement, and many want help with investing, preferring to work with an adviser in person, a survey found.
The aim is to meet employees’ growing calls for personalized and holistic financial wellness guidance.
In addition to decreasing savings to retirement plans, one-third of employees say they have used up all or most of their savings or have increased their credit card debt due to health care costs, a survey finds.
Financial wellness programs can leverage employees' financial personalities to decide their approach to financial wellness programs, PwC says.
Obtaining data on participants from retirement readiness tools, recordkeepers and aggregation tools is important in order to tailor effective communications.
Saving more and reducing financial stress are the top reasons employees would participate.
While college savings and student loan debt aren’t typically an area of focus for retirement plan advisers, new survey data suggests a few simple reminders can be a big help to clients; this is especially true when it comes to filling out the Free Application for Federal Student Aid.
Overwhelmingly, employees surveyed by IonTuition agree with the statement, “I would like my company to offer a voluntary student loan assistance benefit.”
One element of the Financial Wellness 360 program is Lifestyle Benefits, a suite of self-service resources that help employees “address today’s financial challenges and prepare for tomorrow.”
Plan participants in the 50 and up age group are thinking about the transition to retirement because it is on the horizon, while the younger age groups are more preoccupied with budgeting and managing debt.
In a new Bank of America Merrill Lynch survey, 95% of employers who offer such benefits agree that their financial wellness programs have been effective at promoting work force management goals.