Advocates Push for Financial Wellness Programs to Support Employees

As financial pressures weigh heavily on employees, retirement plan advisers are increasingly urging plan committees and corporate executives to offer financial wellness programs, according to panelists on Monday at the PLANADVISER 360 conference in Scottsdale, Arizona.

Gina Buchholz, an investment adviser representative at 401(k) Plan Professionals, describes advocating for financial wellness as a critical component of her role when working with plan sponsors.

“Our job as advisers isn’t just about managing investments; it’s about promoting comprehensive financial wellness,” she explained.

For her, helping employees relieve financial stress and feel more secure is a direct benefit to the company’s overall stability and success.

However, in many cases, a cultural shift is necessary to get buy-in on financial wellness resources. According to Kelli Send, senior vice president of financial wellness services at Francis LLC, some companies still view compensation as the extent of their support for employee financial health.

“We encounter companies that only want investment consulting services,” she said, adding that it can be a challenge to shift thinking. “Employers care about their teams, but they need to care enough to support outcomes that impact whether employees can retire on time.”

Send advises companies to survey employees periodically, gathering feedback on issues like emergency fund preparedness without prying into personal details.

“Asking questions like whether they could cover a $3,000 expense helps show executives why financial wellness matters,” she said, emphasizing that surveys should be inclusive and accessible in multiple languages to encourage broad participation.

Defining Success for Financial Wellness Programs

Courtenay Shipley, chief planologist at Retirement Planology, said that another barrier to wider availability of financial wellness programs is deciding how to measure success. For some, success may mean tracking engagement rates, such as the number of employees who use financial planning calculators or the amount who speak with an adviser. For others, it’s more about measurable outcomes like retirement readiness.

Shipley noted that while some executives hesitate to let employees use work hours for financial wellness activities due to cost concerns, companies investing in employee engagement are likely to see positive returns in retention and reduced stress.

Marc McDonough, CEO of TIFIN @Work, stated that any financial wellness program must align with the company’s goals to gain executive buy-in.

“You need the plan sponsor’s support for a program to succeed,” McDonough said.

TIFIN’s approach includes customizing offerings based on company-specific issues, such as improving 401(k) participation rates or increasing the uptake of certain benefits. By offering financial planners who build trusted relationships with employees, TIFIN also helps ensure that employees feel supported beyond a hotline or online calculator.

Addressing financial wellness involves understanding the diverse needs of today’s workforce, said Liz Davidson, CEO of Financial Finesse. She stressed the importance of making financial wellness programs culturally relevant.

“You can’t solve financial stress without accounting for diverse backgrounds,” Davidson said, explaining that people of color, for instance, are disproportionately affected by financial insecurity. “This isn’t about politics; it’s about relevance and personalization.”

Davidson also argued that programs should be tailored to reflect the diversity within a workforce, so employees feel understood, valued and supported.

For companies looking to attract and retain a financially stable workforce, financial wellness programs are becoming an essential part of the benefits landscape. Plan advisers continue to make the case that financial wellness is not just a perk—it’s a pathway to a more engaged, productive and secure workforce.