John Tabb, co-founder and president of Questis, breaks it down.
This video features an interview with John Tabb from Questis, conducted by 401k Specialist on the floor of the NAPA 401(k) Summit in Las Vegas. The discussion centers around the evolution of financial wellness, particularly within the context of 401(k) plans.
John Tabb explains that financial wellness has shifted from being seen as a “fluffy” concept separate from retirement planning to becoming an integral part of it. He compares financial wellness to physical health, emphasizing that it includes various aspects such as retirement planning, debt management, and spending habits. The goal is to help participants overcome barriers to saving and feel less stressed about their financial situations, which he links to overall health.
Tabb also mentions that Questis does not directly provide financial wellness services but rather enables other businesses to do so through their technology. Their system focuses on managing plan participants and guiding them to take action, which is a unique approach compared to other technologies that primarily manage the plans themselves.
The interview concludes with a brief mention of the importance of integrating health and financial wellness, as stress about finances can negatively impact overall health.
