NAPA Net - Polling Places 111822

Is Financial Wellness Getting “Better?”

Financial wellness continues to be a topic of interest – indeed, in the wake of the COVID-19 pandemic issues of financial as well as physical health arguably loom larger than ever. But are we closer to a workable definition? And how about that ROI?

According to data from Cogent Syndicated’s Retirement Plan Advisor Trends report, despite strong demand from plan participants and signs of financial wellness programs’ effectiveness, the overall availability of these programs is down from 38% in 2021 to 31% in 2022. That decline stems largely from fewer emerging DC advisors—those managing less than $10 million in DC AUM—offering financial wellness programs at 22%, down from 36% last year, according to the firm’s data. However, more than half (51%) of DC specialists—managing $50 million or more in DC AUM—are currently offering these programs.

That said, the fifth annual Employee Benefit Research Institute (EBRI) Financial Wellbeing Employer Survey found that financial wellbeing programs are being added or improved to increase worker satisfaction and retention. Yet, costs continue to be reported as the top challenge in offering financial wellbeing programs. Consequently, employers are looking for ways to measure their impact through the lens of employee satisfaction, retention and productivity.

This week, we’d like to know what you’re thinking – and doing – and how that meshes with the expectations of your plan sponsor clients.

Question Title

* 1. What elements of financial wellness do you include in the program(s) you deliver (directly or through partnerships) to your clients?

focus on outcomes/retirement readiness

debt management/reduction

budgeting

financial literacy

establishment of emergency savings reserves

all of the above

Other (please specify)

Question Title

* 2. Is there an ROI on financial wellness in your experience?

Yes, but it's not much.

Not really in quantifiable terms.

Yes, and growing every day.

Yes, but it depends on the workforce and management.

To those covered by the programs, yes - to employers not so much.

Other (please specify)

Question Title

* 3. If you are "pitching" financial wellness to your clients/prospects, is it catching on?

It depends

Yes, for the most part.

Not pitching it.

I was pitching it - but now, not so much.

Yes

Plan sponsors are receptive to the idea - signing on for it, not so much

Other (please specify)

Question Title

* 4. How is it catching on compared to pre-COVID?

Faster than pre-COVID

Slower than pre-COVID

It's a mixed bag, depending on the client(s).

About the same.

Other (please specify)

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* 5. If you are encountering resistance in pitching financial wellness, what are the most common reasons (check all that apply)?

Combination of the above

Recordkeeper resistance

Not the right time

Cost

Litigation concerns

Deferred for future consideration

We're not encountering resistance

Resistance to change

We're not offering financial wellness

Other (please specify)

Question Title

* 6. Which of the following financial wellness products/partnerships do you use, and how would you rate it/them?

	Hate	Needs Work	It's OK	Pretty Good!	It's GREAT!
3 Nickels	3 Nickels Hate	3 Nickels Needs Work	3 Nickels It's OK	3 Nickels Pretty Good!	3 Nickels It's GREAT!
Financial Finesse	Financial Finesse Hate	Financial Finesse Needs Work	Financial Finesse It's OK	Financial Finesse Pretty Good!	Financial Finesse It's GREAT!
Financial fitness for Life	Financial fitness for Life Hate	Financial fitness for Life Needs Work	Financial fitness for Life It's OK	Financial fitness for Life Pretty Good!	Financial fitness for Life It's GREAT!
Financial Fitness Group	Financial Fitness Group Hate	Financial Fitness Group Needs Work	Financial Fitness Group It's OK	Financial Fitness Group Pretty Good!	Financial Fitness Group It's GREAT!
The Wealth Pool	The Wealth Pool Hate	The Wealth Pool Needs Work	The Wealth Pool It's OK	The Wealth Pool Pretty Good!	The Wealth Pool It's GREAT!
Betterment at Work	Betterment at Work Hate	Betterment at Work Needs Work	Betterment at Work It's OK	Betterment at Work Pretty Good!	Betterment at Work It's GREAT!
BrightPlan	BrightPlan Hate	BrightPlan Needs Work	BrightPlan It's OK	BrightPlan Pretty Good!	BrightPlan It's GREAT!
Questis	Questis Hate	Questis Needs Work	Questis It's OK	Questis Pretty Good!	Questis It's GREAT!

Other (please specify) - and rate

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* 7. Any other comments on financial wellness, recommending financial wellness, the response to financial wellness, or life in general?

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* 8. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

Question Title

* 9. What size plans do you PRIMARILY work with?

Under $10 million in assets

$10-$20 million

$20-$50 million

$50-100 million

$100 million - $250 million

$250 million - $500 million

Above $500 million

Other (please specify)

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* 10. Suggestions for future survey questions?

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* 11. All responses are anonymous and confidential, of course - but if you'd like me to know who you are, or allow for a response, you can leave your email below...