"Brokers know which financial wellness programs they trust. They also understand the census of their client's population. Similar to healthcare, they're uniquely positioned to guide the employer through the clutter and help them identify the right programs for their specific group," said SmartPath CEO Alok Deshpande.

First, brokers must demonstrate to employers the fundamental belief that financial wellness should be an employer-sponsored benefit. Out of this fundamental belief, brokers can help employers succeed in the following ways:

1. Support strategy development. Help HR understand what a successful financial wellness program would look like for them. Ask the tough questions to get to manageable program expectations:

• What is the budget for a financial wellness program? 
• What population do we anticipate will utilize the program? 
• How will we define success in the program? 
• What is our time frame for rolling out our strategy? 
• Do we have adequate resources to support new programs?

2. Provide guidance to employers in the process of evaluating existing benefit options. For example, what benefits are being offered through existing vendors that aren't being utilized? Help repurpose existing benefit options to satisfy any current gaps in coverage.

3. Negotiate the program. Work with vendors to identify additional opportunities for your clients to obtain value-added services or benefits to supplement their strategy.

4. Push to understand the ROI. Help your client evaluate the return on their investment. Work with vendors by utilizing client data to validate program performance.

5. Bring it all together. Information overload can be paralyzing. There is so much information, so many vendors, different types of benefits, etc. Help employers weed through their options, and provide a solution that supports their strategy, their budget and provides a return on their investment.

The COVID-19 pandemic has emphasized the urgent need for financial wellness programs and highlighted that people aren't saving enough to protect themselves during uncertain economic times.

Though many companies already have financial wellness programs in place, it's evident that not all programs are equal. A proven program empowers workers to participate as opposed to telling them to do it.

"Financial stress impacts healthcare costs and productivity. Employers are already paying the price," said Deshpande. "We are working to quantify that so brokers can help their clients invest in the right financial wellness programs."

Christy DeFrain is vice president of sales and business development for SmartPath, a workplace financial wellness company. With over 20 years of experience in employee benefit sales and account management, DeFrain is responsible for leading all national sales expansion and building on SmartPath's corporate success to drive future growth. Previously, she served in senior roles for Mercer Health & Benefits and worked in several sales and leadership positions, including national vice president, group national accounts, for Ameritas Group Insurance.