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How Record keepers Can Help with Financial Wellness

Man sitting at a desk on the phone with a client.

Many employers rely on their record keeper for financial benefits. That means record keepers have a chance to help with financial wellness.

Man on a telephone talking to a client while sitting behind his computer monitor.

But financial wellness can’t just be offering retirement plans. They must also offer help with budgeting, saving, and debt management.

Retirement saving is only possible when employees feel financially confident.

Financial Priorities

Many record keepers believe retirement saving doesn’t happen by itself. For employees, it’s tough to know where to start.

Employees want access to helpful and personal advice about their money. Without it, saving can get pushed to the wayside.

Who Needs Help?

Unsurprisingly, the people who need the most help are those closer to the starting line.

In a recent survey, investors with less than $500,000 invested are the most likely to need guidance.

Redheaded woman shaking her hair.

Employees’ account balances can be a good indicator of the types of help they need. For many, their personal finances affect their saving.

How to Help

Finally, no successful financial wellness program is possible without help from technology.

For starters, tech can help identify how employees are using their existing benefits. Additionally, it can also find their weak spots and provide personalized guidance.

Young woman wearing an Apple watching working on a laptop.

Tracking participation in educational content is a good start. Most record keepers use click-through rates to measure engagement.

Unfortunately, there are some things that a financial wellness program can’t address.

Record keepers should approach financial wellness different. Financial priorities should inform how best to guide employees.

For record keepers, financial wellness can lead to more saving. You can roll out financial wellness anytime, not just during open enrollment.

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