In the wake of its recent partnership with Enrst & Young (EY), MetLife unveiled PlanSmart Financial Wellness earlier this week.
PlanSmart Financial Wellness is “a multi-channel experience that focuses on behavioral change, with tools and guidance that empower employees to build financial literacy, confidence and wellbeing,” MetLife explained in a statement.
“Employees are struggling when it comes to their finances,” added Meredith Ryan-Reid, senior vice president, Group Benefits, MetLife. “These concerns can impact other areas of employees’ lives, including their productivity at work. By investing in financial wellness, employers can help their workforce become more engaged and productive.”
The new online platform builds on a workplace financial education program MetLife has offered for years. The old program, simply called PlanSmart, included workshops and one-on-one consultations. The new offering is accessible online, and therefore wherever and whenever it’s most convenient for employees.
With the digital platform, user can create a financial plan, set goals (i.e., paying down debt or planning for retirement) and receive “bite-sized” advice and activities that can help them realize those goals. In addition, PlantSmart Financial Wellness includes access to a wealth of online resources and tools, phone support by EY financial planners and in-person seminars and consultations by MassMutual financial advisors.
“We believe employee benefits are the foundation for a successful financial future. By integrating the employers’ benefit options at the center of PlanSmart Financial Wellness, this solution connects guidance back to resources available at the employees’ workplace,” Ryan-Reid noted.
As an added perk, employees can start a task on the platform, stop if necessary, then login and pick right back up where they left off. Financial checkups and reminders are sent out, as well, to encourage ongoing participation in wellness activities. Better yet, the platform provides a personalized experience for each employee, evolving “as the employee’s life and work change.”
“MetLife has been in the business of improving employees’ financial health for over 100 years,” Ryan-Reid cocluded, “and our expertise in understanding employee needs uniquely positions us to guide employers and employees as they begin to focus on to financial wellness.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
