John Sullivan post 5/25/2017

Wellness Study & What The Numbers Tell Us

In a recent newsletter, I shared the groundbreaking study our strategic partner, Mark Singer founder of Financial Literacy Toolbox (FLT), was conducting in the area of financial wellness. I'm excited to share some updates with the progress of that study because they are very promising:

  • The study limited the testing group to different companies, 20 people from each company, across different market segments, who volunteered for help. The entire group's numbers are being compiled for later publication. The following numbers represent just one of the companies selected at random:
  • 70% completed the financial wellness tasks
  • 93% of those completing the Financial Check Up List said it was very useful
  • 50% of those completing the Cash Flow Worksheet said they would better manage their money moving forward
  • 93% of those completing the Retirement Contribution review said they wanted to talk to their financial advisor to increase their contributions

Results Take Aways

Here are the key points:

  • There are plenty of participants just waiting to have a wellness program proactively offered to them that's easy to understand and to participate in
  • Participants liked this service and participated at a significant rate
  • Half said they were now empowered to better manage their finances
  • Almost everyone that participated wanted to increase contributions
With results like these, the motivation should turn to how many more participants can we share this service with?

Scalable, Integrated, Comprehensive and Turnkey

When you start by helping those who asked for help up front, and you have significant approval and satisfaction with the results, a buzz begins with the employees.


You then have the opportunity to take it to the next level by proactively reaching everyone else at the same time. You can't meet with everyone at once so what's the most feasible way to do so? Use a wellness service that delivers advice proactively to everyone at once.


When you can reach all employees with one report, this report serves as a catalyst to generate buzz and interest in digging deeper into one's own financial planning. Only a scalable solution can reach everyone and have the best opportunity to spark interest to motivate action. The alternative of manually servicing these questions is quite expensive in time, effort, and limited outreach.


Our approach is integrated as it doesn't matter who the recordkeeper is, as we can extract data no matter where the assets are held. We can also seamlessly integrate into your practice and turn on this service to just the plans you feel appropriate. We say our service is turnkey, as it literally is that easy to turn us on and have us get started and send the reports out.


What good is a wellness program if it stops short and doesn't provide the specific advice for how to invest and how much to invest? I'm not talking about asset allocation advice, but down to the percentage point specific fiduciary investment advice with CERTIFIED FINANCIAL PLANNER professionals to assist with any questions that may come up. Do you think a comprehensive solution better serves your practice and your ability to provide for your plan participants? Or is it better to piecemeal your service and make it more complicated for people to get what they want....simple answers in one place?


This is the best time of year participants are looking for answers to these questions. Discover how easy and cost effective we can be to enhance your firm's ability to answer your participants' questions and drive better results today!





Study Methodology

Mark Singer embarked on the task of trying to do a better job of benchmarking the success of a targeted financial wellness initiative. His take on financial wellness is that for most financial advisors, incorporating financial wellness into their practices is often "too big, too much, too daunting". Moreover with industry studies showing that only 7% - 10% of employees engage in the virtual tools made available to them, and that part of the frustration advisors feel is that gaining significant traction is very tough.


Instead Mark chose to focus his study on those employees that "raise their hands" and are asking for help with their financial affairs. Keep it to just 20 people at each company, with several companies, across different segments. Find success early with those looking for help, and then build upon that by spreading to the other employees that will have heard from the early success.

Mark Singer, founder of Financial Literacy Toolbox (FLT), embarked on the task of trying to do a better job of benchmarking the success of a targeted financial wellness initiative. His take on financial wellness is that for most advisors, incorporating financial wellness into their practices is often "too big, too much, too daunting". Moreover, industry studies indicate that only 7-10% of employees actually engage in the virtual tools made available to them, and that part of the frustration advisors are feeling is that gaining significant traction is very tough.


Instead, why not target those who raise their hands for help, and measure the results of those helped?

-->