Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.
Special Report
Benefits advisors and their employer clients are increasingly seeking information and guidance about offering financial wellness plans to their employees. Financial wellness can encompass many things, from financial education to voluntary products to budgeting and financial tools and more. This special report covers financial wellness from many perspectives, providing insight and strategies to help in the decision-making process.
For most of us in financial services, it is a rare day that passes without hearing the term “financial wellness.” Now, in addition to life insurance and retirement plan providers, carriers that have traditionally focused on medical coverage, along with several large retail banks, are vying for a share of this new market. This both raises the level of “noise” in the market and creates confusion among many employers who still struggle to understand how a financially well workforce can affect their bottom line.
Through Prudential’s 2018 survey of intermediaries, the company learned that the top challenges brokers face in selling financial wellness programs are: cost (21 percent), limited employer buy-in (24 percent), and concerns about return on investment (ROI) or measuring impact (17 percent).
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