It’s time to think beyond “financial wellness,” says Jania Stout of Fiduciary Plan Advisors.
During her breakout session Monday morning at the Excel 401(k) Conference in Dallas, Stout, who is the co-founder and practice leader of the Owings Mills, Md.-based full-service employer-sponsored retirement plans consulting firm, said just focusing on financial wellness isn’t enough these days.
If you really want to differentiate yourself from the crowd, it’s time to go beyond financial wellness and focus on prioritizing goals and helping workers become HAPPY!
“Happiness is what really helps with production and loyalty,” Stout said. “Happy employees come from them being fulfilled not only financially but with life goals.”
Many advisors have made financial wellness a big part of their service model. The idea is to help employees with financial stress and get them on a path toward better financial outcomes.
One of the ways advisors have gotten buy-in from their clients is to convince plan sponsors that the ROI on implementing financial wellness programs is greater productivity and less turnover. This approach has worked in the past, but advisors need to be looking even further into the future, Stout says.
During the session, “Broadening the Scope: From Financial Wellness Toward Total Well-Being,” she shared her vision for developing a financial wellness program that goes beyond just the financial aspect toward the true meaning of “Health & Wealth” that will move the needle toward happier employees.
“If you want a differentiator, start talking about ‘total’ wellbeing. You will be the only one talking to them about it. We are in the driver’s seat on this discussion,” Stout said of advisors.
She added that advisors can help clients create a positive culture by:
- Fostering social connection
- Showing empathy
- Going out of your way to help
- Encouraging people to talk to you–especially about their problems
Stout is also an advocate of one-on-one meetings with employees, which can be an effective way to make sure you are addressing more than just their financial issues and focusing on total well-being.
If that one-on-one makes a positive impact on an employee, make sure you remind them to share that with their HR team. “It would be very hard for you to ever get fired if you take care of their employees,” Stout said.
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Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
