Healthcare costs are on the rise, and employers expect double-digit growth in the next decade. As a result, there’s a growing trend toward financial wellness programs included with employee benefits, as this both benefits employees and helps manage a company’s fiduciary risk. In addition to these growing trends, workers are beginning to look for the during job searches.
If your business doesn’t invest in financial wellness for your team, you may find it difficult to attract and retain the best employees. For fiduciaries, this is a great time to conduct in-depth research about financial wellness programs and recommend quality options to your employer. Considering starting a financial wellness program? Here are a few things to consider before starting a program of your own.
Financial education is nothing new in the business world. For decades employers have invested in seminars and workshops to assist employees with their financial health. The new era of financial wellness goes beyond traditional training classes for budgeting, paying off debt and amassing an emergency fund. It emphasizes the need for your employees to not only plan for retirement but enjoy financial health prior, thus promoting happy, loyal and productive workers.
Traditional financial workplace training typically lacks follow-up. Newer wellness programs include regular assessments, where participants review the progress they’ve made on each of their goals. Afterwards, employees possess the data needed to create a roadmap for future financial plans. It’s important for employers to tailor educational programs to the unique needs of their employees, in an effort to ensure everyone receives appropriate advice and assistance.
For more information on financial wellness programs, contact us.
This information was developed as a general guide to educate plan sponsors, but is not intended as authoritative guidance or tax or legal advice. Each plan has unique requirements, and you should consult your attorney or tax advisor for guidance on your specific situation. In no way does advisor assure that, by using the information provided, plan sponsor will be in compliance with ERISA regulations.
Find a Location
Securities and advisory services offered through LPL Financial, a registered investment advisor. Member FINRA / SIPC. Some insurance products offered through LPL Financial or its licensed affiliates. Associated Financial Group, LLC (“AFG”), Associated Bank, N.A. (“AB”) and Associated Banc-Corp (“AB-C”) are not registered broker/dealers and are not affiliated with LPL Financial.
The LPL Financial Registered Representatives associated with this site may only discuss and/or transact securities business with residents of the following states: AZ, FL, IL, IN, KS, MI, MN, MO, NC, ND, OH, and
Insurance products are offered by licensed agents of AFG. AFG is a wholly-owned subsidiary of Associated Bank, N.A. (“AB“). AB is a wholly-owned subsidiary of Associated Banc-Corp (“AB-C“). AB-C and its subsidiaries do not provide tax, legal, or accounting advice. Please consult with your tax, legal, or accounting advisors regarding your individual situation. AFG‘s standard of care and legal duty to the insured in providing insurance products and services is to follow the instructions of the insured, in good faith.