Evaluating financial wellness programs is a challenge. With somany to choose from, how do you find the best match for yourclient?

Start by learning about the financial wellness landscape, whichincludes five categories of programs—each with uniquecharacteristics, strengths, and weaknesses.

1. Tools

Tools provide a structure to help people manage their money.They rely heavily on the use of financial information aggregationand may require significant time and ongoing involvement from theuser.

2. Education and financial literacy

As the name suggests, these programs are focused on educatingpeople so that they can make better saving and spending decisions.They typically don't work toward specific goals or objectives, butrather offer a broad library of general content.

3. Coaching and behavioral

These programs focus on short- and long-term behaviormodification through education and clear next steps. They usuallyhave lots of content, benchmarks, fewer tools, and robust (oftenone-on-one) engagement.

4. Services and products

Product-based services guide people through specific financialplanning scenarios. For example, an employee struggling with estateissues after the passing of a parent might be in need of an estatespecialist to develop an individualized plan.

5. Enhanced employee education programs

When it may not be feasible for employers to purchase afinancial wellness program, it may fall to the financial advisorand Human Resources to create an education program that can enhancean existing retirement plan education program.

Whatever business challenges your clients face, two things arecertain: more plan sponsors are looking to provide holisticfinancial education, and they need guidance from advisors like youto do it. Download T. Rowe Price's full Financial WellnessEvaluator for more details on the different categories, andnext steps for matching your clients with the best financialwellness program for their needs.

This is the second in a series of articles from T. RowePrice focused on Financial Wellness. Troweprice.com/wellnessworks