It's nice when the right thing to do for employees is also the smart thing to do for your clients.
Focusing on financial wellness makes sense from both a cost-conscious financial perspective and a benefits-minded human resources perspective.
But how do you get the conversation started? Start by talking with clients about four key dimensions of their retirement plans:
1. Benefits philosophy: What role do benefits plans play in attracting and retaining top talent? What factors (managing costs, features and benefits, comparison with peers) drive general plan benefits goals?
2. Workforce considerations: Does one demographic group dominate the workforce? What will the anticipated average age of the workforce be 15 years from now?
3. Retirement plan data: Are employees retiring on time, with adequate savings? Do participants opt out of auto-enrollment at an above-average rate?
4. Commitment: Financial wellness programs range widely in costs and features. Consider commitments to the cost of the program, education and promotion, and the resources necessary to administer the program.
Questions like these can open up rich conversations and identify whether clients are ready to move forward with a financial wellness program.
For the best results, download T. Rowe Price's financial wellness discussion guide and review it with your clients – using it as a starting point for a deeper exploration of their financial wellness needs.
This is the third in a series of articles from T. Rowe Price focused on Financial Wellness. Troweprice.com/wellnessworks.
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