PLANSPONSOR - December/January 2020 - 15
COVER STORY
ARCHY
SAVINGS
THE
Participants
must take stock
of their options,
to maximize
savings
F
inancial wellness programs teach employees about different uses for their money,
such as paying off debt, saving for emergencies and building a retirement nest
egg. But with only so much money left after they pay their bills, how should your
workers prioritize competing financial goals-and what role do you, as employer,
play to help?
" Individual financial planning is a difficult science, because there are always
conflicting goals, " says Greg Adams, a consultant at Fiduciary Investment Advisors LLC in
Windsor, Connecticut. " Everybody's savings 'pyramid' is different, based on their circumstances
and on what resources they have available. But for many, it's a battle between debt
payments, rainy-day savings and getting the maximum match in their 401(k). "
Adams sees a sea change in employers' willingness to offer their employees the
service of an adviser to help them manage their financial lives and decide which savings
goals to prioritize. " A few years ago, there was hesitation, because employers didn't
really understand their own responsibilities if they facilitated that, " he says. " But now,
we see more RFPs [requests for proposals] asking us what we do in that area. "
While clarifying savings priorities is an individual issue, some conventional
wisdom applies. " I do think there are some aligned thoughts on prioritization that
are emerging, " says Brian Hanna, a partner and executive vice president at Everhart
Advisors in Dublin, Ohio. " There are beginning to be some best practices. "
Debt and Emergency Savings
Todd Kading has a clear way to gauge the success of an employer's financial wellness
program. " I think a good wellness program is measured by how much it's able to help
those in the most need, which is predominantly lower-income employees, " says Kading,
who is president of LeafHouse Financial in Austin, Texas.
Art by Chris Buzelli
PLANSPONSOR.COM December 2019 - January 2020 15
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PLANSPONSOR - December/January 2020
Table of Contents for the Digital Edition of PLANSPONSOR - December/January 2020
The Savings Hierarchy
2019 PLANSPONSOR Best in Class DC Providers
On Their Own Terms
HSA Investment Options
Steady as It Goes
The Employer Component
PLANSPONSOR - December/January 2020 - Cover1
PLANSPONSOR - December/January 2020 - Cover2
PLANSPONSOR - December/January 2020 - 1
PLANSPONSOR - December/January 2020 - 2
PLANSPONSOR - December/January 2020 - 3
PLANSPONSOR - December/January 2020 - 4
PLANSPONSOR - December/January 2020 - 5
PLANSPONSOR - December/January 2020 - 6
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PLANSPONSOR - December/January 2020 - 11
PLANSPONSOR - December/January 2020 - 12
PLANSPONSOR - December/January 2020 - 13
PLANSPONSOR - December/January 2020 - The Savings Hierarchy
PLANSPONSOR - December/January 2020 - 15
PLANSPONSOR - December/January 2020 - 16
PLANSPONSOR - December/January 2020 - 17
PLANSPONSOR - December/January 2020 - 2019 PLANSPONSOR Best in Class DC Providers
PLANSPONSOR - December/January 2020 - 19
PLANSPONSOR - December/January 2020 - 20
PLANSPONSOR - December/January 2020 - 21
PLANSPONSOR - December/January 2020 - 22
PLANSPONSOR - December/January 2020 - 23
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PLANSPONSOR - December/January 2020 - 29
PLANSPONSOR - December/January 2020 - 30
PLANSPONSOR - December/January 2020 - 31
PLANSPONSOR - December/January 2020 - On Their Own Terms
PLANSPONSOR - December/January 2020 - 33
PLANSPONSOR - December/January 2020 - 34
PLANSPONSOR - December/January 2020 - 35
PLANSPONSOR - December/January 2020 - 36
PLANSPONSOR - December/January 2020 - 37
PLANSPONSOR - December/January 2020 - HSA Investment Options
PLANSPONSOR - December/January 2020 - 39
PLANSPONSOR - December/January 2020 - Steady as It Goes
PLANSPONSOR - December/January 2020 - 41
PLANSPONSOR - December/January 2020 - The Employer Component
PLANSPONSOR - December/January 2020 - 43
PLANSPONSOR - December/January 2020 - 44
PLANSPONSOR - December/January 2020 - 45
PLANSPONSOR - December/January 2020 - 46
PLANSPONSOR - December/January 2020 - 47
PLANSPONSOR - December/January 2020 - 48
PLANSPONSOR - December/January 2020 - Cover3
PLANSPONSOR - December/January 2020 - Cover4
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