There's a lot of talk about financial wellness, and the truth is that it can mean different things to different people. But where retirement plan sponsors are concerned, financial wellness is now seen as an essential business element. Why? Because good things happen when employees have their finances under control: They are more engaged on the job, better able to save for retirement, less likely to switch jobs and even physically healthier.
Employers are increasingly seeking to offer holistic financial education that benefits both the employees and the company itself. Advisors can enhance their competitive position by addressing the growing demand for financial wellness programs.
•• In a world of commoditized investment analysis, advisors can demonstrate their added value by defining an approach to financial wellness that goes beyond traditional 401(k) education.
•• Advisors can choose to deliver financial wellness programs as part of the services they offer (perhaps in conjunction with other advisors in their practice) or by partnering with providers who offer financial wellness solutions as part of their participant engagement programs.
•• Employers recognize the potential benefits of “financially fit” employees—less stress can improve productivity and increased retirement readiness can help reduce the need for older workers (heavier users of health care services) to continue working.
•• Employees will appreciate and respond positively to more holistic financial education that is relevant to their unique needs—such as paying down debt, saving for college, or living within a budget.
Whatever business challenges your clients face, two things are certain: More plan sponsors are looking to provide holistic financial education, and they need guidance from advisors like you to do it.
To get a full blueprint for positioning financial wellness as an opportunity in meetings with clients and prospects, get T Rowe Price's sales idea paper.
This is the first in a series of articles from T. Rowe Price focused on Financial Wellness. Troweprice.com/wellnessworks.
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