1. A comprehensive program

There's a lot of confusion about the exact definition of a financial wellness program. Here's everything that a financial wellness program isn't: It's not a 401(k) program. It's not a budgeting app. And it's not a financial education curriculum.

A true financial wellness program combines tools, education, and resources to help employees take action on their goals — whether that's paying off their debts or saving up to buy a house. So if employees are asking for financial wellness benefits, it's not enough to host a financial education webinar and call it a day. Or to hand employees an expense tracking app and expect their financial stress to disappear.

Advisors and their employer clients have to look for an offering that's holistic, comprehensive, and that will create lasting behavioral changes.

2. An unbiased, third-party provider

Now that we've established exactly what a financial wellness benefit is, it's critical to help your clients choose the right provider. The most important thing to look for is an unbiased, third-party benefits vendor. What exactly do I mean by this?

Unfortunately, many financial services firms try to sell their products and services under the guise of a financial wellness benefit. You should avoid these providers because they likely won't put the interest of your client's employees first. Their incentive will be to maximize their own profits. Always look for an unbiased vendor who works independently from any financial institutions or firms.

3. Personalized, 1-on-1 guidance

One recent report found two-thirds of workers want to make more informed decisions about their investments, but don't know how, and that almost half (44%) of employees use a simple search, like Google or Bing, for advice. While it's possible to find good financial advice on the internet, there are better approaches to take.

Everyone's financial circumstances, goals and abilities are unique. Given this, a one-size-fits-all approach doesn't really make sense when it comes to financial wellness benefits. That's why I encourage you to help your clients look for a solution that offers some form of personalized, 1-on-1 financial guidance to their employees.

But don't most employees already work with a financial planner or advisor? Unfortunately not. In fact, a survey found that 99% of Americans don't use a financial advisor. The truth is that these services tend to be out of reach for most people — primarily due to the cost, which can be thousands of dollars each year.

That's why having your clients offer this type of guidance through a financial wellness program is so powerful. Not only does it give their employees what they need, but it also relieves them of the cost (and stress) of having to seek out this type of service on their own.

4. Strong credentials

If your clients are going to offer personalized financial guidance, make sure they check out the credentials of the vendor's network.

Personally, I encourage companies to choose a financial wellness program that uses Certified Financial Planners™ (CFP®). These professionals are required to complete coursework, take exams, and gain real-world experience in order to receive their designation. Most importantly, all CFP® professionals are bound by the fiduciary standard, which means they have to work in the employees' best interest.

And if you're curious, yes, financial advisors are different from financial planners. While some financial advisors also abide by the fiduciary standard, it's not required. This means your client's employees may be at risk of receiving biased or harmful guidance.

While you're vetting credentials, you may also want to see if the benefits vendor is paying attention to the diversity of their planners. Because everyone has different experiences, perspectives, and ideas when it comes to money, you want employees to have access to CFP® professionals who represent a diverse range of backgrounds — including those who specialize in advising individuals who are BIPOC, LGBTQIA+, veterans, and women.

Financial wellness benefits will only continue to move up the priority list of your clients, whether they're planning to use them as a retention tool, a strategy to attract new talent, or simply to address the most urgent needs of their workers. Hopefully, this article helps you start conversations about financial wellness with the companies you work with. And, together, you can create an offering that has a positive, meaningful impact on their employees.

Chad Schneider is head of broker partnerships at Origin. He is an insurance industry veteran of 20 years.  Chad recently joined Origin and for the last four years built the broker and carrier channel for Jellyvision as their VP of Strategic Alliances. Prior to that he was the chief sales office for Code SixFour a consulting automation tool for brokers. Chad spent approximately 14 years with Aflac and was a pioneer for their broker strategy.