NAPA Net - Polling Places 121418

Is All Well with Financial Wellness?

Financial wellness – it’s of the hottest trends – or most overhyped topics – depending on who you ask.

That’s right, the data on financial wellness is – well, inconsistent to say the least, if only because the definition(s) of financial wellness are somewhat – well, inconsistent.

In this week's NAPA-Net reader poll, we'd like to know what you think - and are experiencing.

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* 1. As noted, the definition of Financial Wellness can be somewhat broad. But what do YOU consider to be the key elements of a financial wellness program (check all that apply)?

focus on outcomes/retirement readiness

debt management/reduction

budgeting

financial literacy

establishment of emergency savings reserves

all of the above

Other (please specify)

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* 2. Are you pitching financial wellness to your clients/prospects these days?

Yes

It depends

Other (please specify)

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

It depends

Yes, for the most part.

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

Yes

Other (please specify)

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* 4. A recent survey of employers found that a majority of employers characterized their programs as "pilot", or ad hoc, rather than holistic. How would you characterize the majority of the wellness programs you've got underway?

Holistic

It's just a "one and done" thing.

Ad hoc - definitely ad hoc.

Maybe not "holistic" yet, but it will be.

They're all over the board.

"Pilot" sounds about right

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)?

Litigation concerns

Combination of the above

We're not offering financial wellness

Recordkeeper resistance

We're not encountering resistance

Resistance to change

Deferred for future consideration

Not the right time

Cost

Other (please specify)

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* 6. What do your plan sponsor clients consider to be the key elements of a financial wellness program (check all that apply)?

focus on outcomes/retirement readiness

debt management/reduction

budgeting

financial literacy

establishment of emergency savings reserves

all of the above

they really don't have a good idea

Other (please specify)

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* 7. Are you incorporating all those elements at once, or are you bringing them in gradually over time?

all at once

one at a time

it depends

Other (please specify)

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* 8. Are you doing financial wellness alone, or are you partnering with someone?

on our own

with a partner

a little of both

we're not doing financial wellness

Other (please specify)

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* 9. If you are doing financial wellness with a partner, who is that partner(s)?

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

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

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

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* 12. 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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* 13. Suggestions for future survey questions?

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* 14. 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...