The ‘Next Level’ of 401(k) Financial Wellness
In this interview from the Excel 401(k) Conference in Las Vegas, John Sullivan of 401(k) Specialist speaks with Joe DeNoyior from GRP about the evolving concept of financial wellness in retirement planning. The conversation focuses on enhancing participant engagement and delivering a more personalized approach to financial well-being.
Joe emphasizes that while financial wellness programs have made considerable progress, there’s a significant opportunity to move beyond the traditional “one-size-fits-all” model. The next level involves creating tailored, one-on-one participant experiences. This means not only educating individuals about financial principles but also equipping them with actionable tools to improve their personal financial situations—whether through savings, debt reduction, or improved literacy.
A major challenge discussed is scalability. Offering personalized financial wellness at scale requires leveraging technology to track and optimize participant engagement effectively. Joe mentions that while GRP has faced roadblocks, progress is being made in building scalable, individualized engagement strategies across client bases.
When asked to define “financial wellness,” Joe articulates it as the improvement of an individual’s financial condition through better understanding and comfort with their finances. It includes being better equipped to plan for the future, save more, reduce debt, and gain overall confidence in their financial position.
Joe concludes that while the financial wellness concept is increasingly understood across the retirement industry, plan sponsors still vary in their grasp of what it entails. The industry is transitioning from awareness to personalization, aiming to turn education into meaningful action for each participant.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of 401(k) Specialist and 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. Experienced financial services content executive specializing in creative new media delivery. He joined the American Retirement Association in 2023 as Chief Content Officer, overseeing communications for the organization, as well as its sister organizations.
