Participants:
- John Sullivan (401k Specialist)
- Matthew Siel (Greenleaf Trust)
Main Points Discussed:
- Primary Challenge in the Industry:
- Matthew Siel mentions that financial wellness is a significant issue for smaller firms like Greenleaf Trust. They are trying to determine which financial wellness tools best fit their firm to benefit clients and improve competitiveness.
- Approaches to Financial Wellness:
- Greenleaf Trust looks at practices of larger providers like T. Rowe Price.
- They evaluate various online tools to find easy and user-friendly solutions for their participants.
- Currently, they are in a phase of trial and error.
- Importance of Financial Wellness:
- The term became prominent a few years ago as plan sponsors expect providers to be accountable for employees’ overall financial health.
- The responsibility has shifted to the retirement plan side, which was unexpected but necessary to meet client needs.
- Participant Engagement:
- Participants are engaged and have always shown interest in financial planning, taxes, and insurance.
- With the focus on financial wellness, questions from participants are now more relevant and need to be addressed effectively.
Conclusion:
- The discussion highlights the growing importance of financial wellness in the 401k industry and how smaller firms are adapting to meet this demand. Participant engagement is crucial, and providers must find suitable tools to address their financial wellness needs.
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.
