Core Insights - Workplace plan sponsors are evolving from merely overseeing 401(k) accounts to becoming full-service financial planning resources for employees, which could significantly impact the wealth management industry [1] Group 1: Plan Sponsors' Concerns and Actions - A survey of 1,144 plan sponsors indicates their primary concern is ensuring that their plans adequately prepare participants for financial security in retirement [2] - 92% of plan sponsors report collaborating with an advisor or consultant, although this role was previously limited to fiduciary responsibilities and investment recommendations [3] - 93% of plan sponsors now offer financial wellness programs, with over half implementing these programs within the last year [4] Group 2: Role of Advisors - Advisors are becoming essential resources as plan sponsors seek more engagement to enhance participant saving and engagement through financial planning and wellness programs [5] - The nature of expanded education provided by advisors varies across different plans, reflecting the unique needs of each sponsor [5] Group 3: Successful Offerings and Education - Successful offerings for plan sponsors include lunch webinar series on financial planning and dedicated sessions for individual participant questions, covering topics like cash flow, saving strategies, estate planning, tax planning, and retirement income [6] - There is a recognition that without proper education, participants may not fully maximize their benefits for their future [7]

Core Insights - Employees are increasingly seeking financial wellness resources from their employers, with a notable rise in demand for near-term financial support such as emergency savings and debt assistance, increasing from 13% in 2023 to 26% in 2025 [1][5] - A significant portion of employees, 36%, desire resources focused on retirement education and planning, while 33% want to learn about generating income in retirement, and another third aim to develop good financial skills and habits [2] - The survey indicates that 85% of employees carry some form of personal debt, with 45% citing debt repayment as a barrier to building an emergency fund, yet less than one-third of companies provide credit counseling or debt assistance beyond student loans [3] Company Offerings - There is a disparity in financial wellness program offerings between larger and smaller companies, with 54% of larger employers providing such programs compared to only 32% of smaller firms, which can impact hiring and retention [4] - Nearly 25% of employees have considered leaving their jobs due to inadequate workplace benefits, highlighting the importance of investing in financial workshops and wellness programs to retain talent [5]

Core Insights - A recent survey indicates that 93% of U.S. workers believe employers should provide financial wellness programs, reflecting near-universal agreement on the necessity of such benefits [1] - Financial wellness programs are designed to assist employees in managing their finances, including retirement plans, student loan repayment assistance, and access to budgeting tools [2] - Despite the high demand, only about 28% of employers currently offer financial wellness programs, leaving nearly three-quarters of American workers without this support [4] Financial Wellness Programs - Financial wellness programs are seen as essential workplace benefits that help employees save smarter and manage money better, especially in the context of rising inflation and economic uncertainty [2] - Companies investing in financial wellness report significant benefits, including improved employee productivity, morale, and overall engagement [3][6] - Employers that combine financial wellness with mental and physical health benefits see even greater improvements in employee happiness and productivity [4] Employer Perspectives - 84% of employers believe that financial wellness benefits help retain top talent, while 81% say they assist in attracting new employees [6] - Employers attribute a 50% increase in productivity and a 43% reduction in stress to the implementation of financial wellness programs [6] - The programs also contribute to a 41% boost in employee morale and a 36% increase in creativity and innovation [6]