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.

Question Title

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)

Question Title

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

Yes

It depends

Other (please specify)

Question Title

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

It depends

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

Yes

Yes, for the most part.

Other (please specify)

Question Title

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?

Ad hoc - definitely ad hoc.

Holistic

"Pilot" sounds about right

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

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

They're all over the board.

Other (please specify)

Question Title

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

Combination of the above

Not the right time

Deferred for future consideration

Recordkeeper resistance

We're not encountering resistance

Resistance to change

Litigation concerns

Cost

We're not offering financial wellness

Other (please specify)

Question Title

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)

Question Title

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)

Question Title

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)

Question Title

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

Question Title

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

Question Title

11. What is your role working with retirement plans?

Advisor

Provider

TPA

Plan sponsor

Recordkeeper

Other (please specify)

Question Title

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)

Question Title

13. Suggestions for future survey questions?

Question Title

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...

Question Title

* 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)?

Question Title

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

Question Title

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

Question Title

* 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?

Question Title

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

Question Title

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

Question Title

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

Question Title

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

Question Title

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

Question Title

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

Question Title

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

Question Title

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

Question Title

* 13. Suggestions for future survey questions?

Question Title

* 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...

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)?

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

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

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?

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

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

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

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

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

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

11. What is your role working with retirement plans?

12. What size plans do you PRIMARILY work with?

13. Suggestions for future survey questions?

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...