PLANSPONSOR - August/September 2021 - 16

FINANCIAL WELLNESS | COVER STORY
To Ensure
All Are
Building custom programs
can support the next phase
of financial wellness
IF YOU THINK it is not worth your time and effort to customize
your financial wellness program, you might need to think again. An
off-the-shelf program may not help your employees much, experts say.
" If you do a boilerplate program, you could get lucky and hit on
exactly what your workforce is worried about, " says Keith Huber, a
financial adviser who leads the participant education practice at
Fiduciary Plan Advisors, a OneDigital company, in Baltimore. " But an
off-the-shelf program usually just wants to focus on the 401(k) plan.
And that's only hitting on a fraction of what people care about with
their financial life-what keeps them up at night with their finances
and what gets them excited about their financial life: things such as
saving for a home or their child's college education. "
For employers that want to build a customized financial wellness
program, here is what six experts on the subject recommend,
to help you plan it.
1
Understand how the program relates to your strategy.
" Before everything, we want to address with the employer the issue
of 'How does this financial wellness program fit into your overall workforce
retention and retirement planning strategies?' " says Liz Davidson,
founder and CEO of financial wellness provider Financial Finesse, in
El Segundo, California. " It's important to know from the start: What is
the mission? What is the point of doing this? Until you have an understanding
of what success is, at the macro level, you can miss the mark
with your program. "
Employers' goals go beyond their current interest in recruiting
and retention brought about by the tight labor market. " It's
becoming much more of an issue of 'What kind of culture do we
want to create?' " Davidson says. " Employers want employees to feel
like the employer is a partner with them in their financial security
and their mental wellness. "
16 PLANSPONSOR.COM August - September 2021 Art by Lars Leetaru
L
WELL
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PLANSPONSOR - August/September 2021

Table of Contents for the Digital Edition of PLANSPONSOR - August/September 2021

To Ensure All Are Well
2021 PLANSPONSOR National Conference
Equipped for Anything?
The Security of Savings
Take a Load Off
PLANSPONSOR - August/September 2021 - Cover1
PLANSPONSOR - August/September 2021 - Cover2
PLANSPONSOR - August/September 2021 - 1
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PLANSPONSOR - August/September 2021 - To Ensure All Are Well
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PLANSPONSOR - August/September 2021 - 2021 PLANSPONSOR National Conference
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PLANSPONSOR - August/September 2021 - Equipped for Anything?
PLANSPONSOR - August/September 2021 - 31
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PLANSPONSOR - August/September 2021 - 33
PLANSPONSOR - August/September 2021 - The Security of Savings
PLANSPONSOR - August/September 2021 - 35
PLANSPONSOR - August/September 2021 - Take a Load Off
PLANSPONSOR - August/September 2021 - 37
PLANSPONSOR - August/September 2021 - 38
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