Broker Check

Creating a Financial Wellness Program

Welcome back to Five-Minute Fiduciary, a production of CUI Wealth Management. We go over regular, relevant information for plan fiduciaries. Today, we're going to connect on financial wellness programs. We've talked about this in the past. Allow me to make a quick point. Companies stay in business because they are a cost leader or have unique products. I think staying competitive and gaining and retaining good employees shouldn't be any different. Financial wellness programs should be tailored to your company, culture, and needs. But, if you're trying to make a financial wellness program, where do you start?

A great place to start is utilizing the help of the professionals you have around you. Your 401k advisor can help you get on the suitable track, building and executing a financial wellness program.

The second step I'd recommend is analyzing your current situation. Many recordkeepers have great reports and metrics that you can use to figure out where you're at and where you need to be going. Often, you can look up information such as plan demographics, contribution rates, and retirement readiness. You can also learn a lot about employees' main concerns by listening to them and getting their feedback.

The next step is reviewing the resources you have available through your providers. A lot of providers will have presentations or education specialists you can utilize. Sometimes, resources cost extra, but sometimes they're already embedded in the cost you're paying for the plan, so you might as well use those resources.

The next step in planning is creating a calendar with education meetings, topics, workshops, and resources. You'll want to make sure your employees have access.

The last step, of course, is executing the plan. Make it fun. Spark some excitement. But realize that action is better than perfection. You can adjust plans, you can make things better, and you can learn from your mistakes. But, unless you take the plunge, nothing's going to happen.

I hope this has been helpful. I hope this has been educational. If you'd like a second opinion on your 401k or other retirement plans, please reach out to us. If you have specific questions, ideas, or concepts you'd like us to go over, we're happy to hear them. Feel free to visit our website and listen to our podcast or join us for other videos on Youtube. The information in this presentation should not be considered as tax or legal advice. If you need tax or legal advice, reach out to appropriate professionals