In tandem with evolving views of retirement readiness, sponsors are beginning to see participant education as an aspect of financial wellness. Many of the factors associated with retirement readiness, such as educating participants to think long term and make appropriate investment choices, are now seen as elements of a broader financial wellness program. Advisors say they commonly offer financial wellness programs to plans, although plan sponsors say adoption of most program types remains modest.
Source: Voya Investment Management
Both sponsors and advisors say the cost of wellness programs is an issue though not the only one: challenges such as complexity and measuring effectiveness also limit adoption of such programs. Advisors should focus on potential business benefits: a more productive and engaged workforce, with lower absenteeism and turnover.
Survey of the Retirement Landscape: Insights from Current Research
Voya Investment Management recently released the second edition of its survey of retirement plan sponsors and plan advisors, to identify and better understand the current service needs of sponsors and help DC-focused advisors better align their offerings and priorities to meet those needs. Though some perceptions have changed since the initial survey in 2016, views on a few key issues have evolved and several new issues have arisen. We present key findings of the study in this series of insights. For all the research results, read Survey of the Retirement Landscape: Challenges and Opportunities for Advisors.
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