Christian Mango, president of Financial Fitness for Life, a financial wellness consulting firm that works with recordkeepers, plan advisers and plan sponsor clients, has noticed a steady increase in interest in managed accounts over the past year.
Financial wellness solutions have rapidly become popular with employers, who typically look to the retirement plan advisor to help choose a solution from an increasingly crowded landscape. While many financial services companies claim to offer a solution, some offer little more than platitudes, sleep-inducing content, and some online calculators. How can retirement plan advisors make an informed choice?
As we explored in parts one and two, COVID-19 has fundamentally changed the relationship between employer and employee. Employers are looking for help in meeting employee needs and are increasingly turning towards financial wellness solutions to solve that need across health, wealth, and broader benefits.
The impact that employee financial stress has had on lost productivity from presenteeism, absenteeism, exacerbated health issues, and higher employee turnover numbers has been largely understood, as we explored in Part 1, Helping employers in the new normal: COVID-19 & the changing relationship between employers & employees.
As employers respond to the current COVID-19 pandemic, a critical component will be planning for the economic recovery in the months to come. A comprehensive approach to employee benefits and communications is critical to both the company and its employees.