Evaluating financial wellness programs is a challenge. With so many to choose from, how do you find the best match for your client?
Start by learning about the financial wellness landscape, which includes five categories of programs—each with unique characteristics, strengths, and weaknesses.
1. Tools
Tools provide a structure to help people manage their money. They rely heavily on the use of financial information aggregation and may require significant time and ongoing involvement from the user.
2. Education and financial literacy
As the name suggests, these programs are focused on educating people so that they can make better saving and spending decisions. They typically don't work toward specific goals or objectives, but rather offer a broad library of general content.
3. Coaching and behavioral
These programs focus on short- and long-term behavior modification through education and clear next steps. They usually have lots of content, benchmarks, fewer tools, and robust (often one-on-one) engagement.
4. Services and products
Product-based services guide people through specific financial planning scenarios. For example, an employee struggling with estate issues after the passing of a parent might be in need of an estate specialist to develop an individualized plan.
5. Enhanced employee education programs
When it may not be feasible for employers to purchase a financial wellness program, it may fall to the financial advisor and Human Resources to create an education program that can enhance an existing retirement plan education program.
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. Download T. Rowe Price's full Financial Wellness Evaluator for more details on the different categories, and next steps for matching your clients with the best financial wellness program for their needs.
This is the second in a series of articles from T. Rowe Price focused on Financial Wellness. Troweprice.com/wellnessworks
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