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5/6/2019
Respective services provided by ARGI Investment Services, LLC, a Registered Investment Advisors, ARGI CPAs and Advisors, PLLC, ARGI Business Services, LLC, and Advisor Insurance Solutions. All are affiliates
of ARGI Financial Group. All materials presented as part of this presentation are protected by United States copyright law and are the exclusive property of ARGI Financial Group LLC (“ARGI”). Any use,
duplication, reproduction, or distribution of these materials for any purpose or by any means, without the express written consent of ARGI, is strictly prohibited. © 2019 ARGI Financial Group LLC
FINDING FINANCIAL CLARITYWWW.ARGI.NET │866.568.9719
Financial Wellness ProgramsMore than just a fad
Jeanne J. Fisher, CFP®, CPFA, MBA❖ Senior 401(k) Advisor
❖ CFP® Board Ambassador
❖ Bowling Green, KY
Jeanne Fisher, CFP®
Financial Jeanne
Jeanne Fisher, CFP®
❖ @financialjeanne
5/6/2019
What’s the buzz about?
Did You Know…
20% of Americans smoke
30% are obese
70% are seriously concerned about their finances
Alliant Credit Union: Financial Wellness in the Workplace, 2015
5/6/2019
How does this affect you?
43% of employees say that they
spend 3 or more hours thinking about
or dealing with financial issues
Employees suffering from financial stress
can cost companies between
$5,000 and $7,000 a year
in lost productivity, per employee.
Financial Mindset Study, 2016
Workplace Benefits Report, 2017
Alliant Credit Union: Financial Wellness in the Workplace, 2015
49% of employees acknowledge
they spend time at work dealing with
personal finances
For each year an employee delays retirement, it is an
estimated $10k-$50k cost to employers.
Delayed Retirement & The Bottom Line
Society of Actuaries Measuring the Benefits of Workplace Financial Wellness, 2017
5/6/2019
Win-Win
Service Providers
Workplace Benefits Report, 2018
What is financial wellness?
5/6/2019
What does it mean to be “Financially
Well’?
• Having control over day-today, month-to-month
finances
• Having the capacity to absorb a financial shock
• Being on track to meet financial goals
• Having the financial freedom to make the choices
to enjoy life
Alliant Credit Union: Financial Wellness in the Workplace, 2015
How many working Americans claim they are living “financially well”?
Pop Quiz
28 %
How many working Americans are living
paycheck to paycheck?
78 %
Alliant Credit Union: Financial Wellness in the Workplace, 2015
5/6/2019
Leveraging Existing Benefits
Student Loan Debt
5/6/2019
More than 44 million borrowers
collectively owe $1.5 trillion in student loan debt.
One-fifth of those with student loan debt are behind on their payments.
Student Loans
Forbes Student Loan Debt Statistics, 2018
Federal Reserve Report, Economic Well-Being of US. Households, 2017
Student Loan Repayment Plans
Eligibility and tenure requirements
Contribution amount and cap
Service reward
Sign-on bonuses
5/6/2019
Paycheck-to-Paycheck
41% could not cover an emergency
expense costing $400 or would cover it by selling something or borrowing money.
Dealing with Unexpected Expenses
Federal Reserve Report, Economic Well-Being of US. Households, 2017
5/6/2019
The 50/30/20 Budgeting Rule
Essentials
50%Personal
30%
Savings
20%
Retirement Feasibility
5/6/2019
Retirement Feasibility
60% of non-retirees with self-directed retirement savings accounts, such as 401(k) or IRA, have little or no comfort in managing their investments.
Federal Reserve Report, Economic Well-Being of US. Households, 2017
Teaming with a 401(k) Advisor
BA Merrill Lynch Workplace Benefits Report, 2018
5/6/2019
Financial Wellness Services
Financial Education Workshops Individual Advice
Participant ModelsDiscounted Financial Planning
Services
Technology Integration
5/6/2019
Value Added
• Relatable to employees
• Address other company benefits
• Understand each company’s goals and obstacles
• Change the conversation from “retirement” to
“financial independence”
Medical Debt
5/6/2019
Medical bills are the
No. 1 cause for bankruptcy in the U.S.
Medical Debt
Medical Bills in the U.S., 2018
HSA Appeal
Service Providers
Benefitfocus State of Employee Benefits Report, 2018
5/6/2019
Education is Key
Service Providers
Workplace Benefits Report, 2018
Building a Successful Program
5/6/2019
Financial Wellness Programs
Retirement
Planning &
Analysis
Medical & Health
Care Cost
Planning
Investment
Planning
Programs
Education
Planning
Financial
Guidance &
Budgeting
Tracking Tools for
Goal Attainment
Confidential
Financial Self-
Assessments
Participation
Incentives
Targeted
Customized
Financial
Education
Alliant Credit Union: Financial Wellness in the Workplace, 2015
Define the goal/objective of the program
Consult with subject matter experts & other SHRM Members
Survey employees & review company data
Develop an action plan
Create awareness & excitement; communicate the purpose of the plan
Measure the success of the program
1
2
3
4
5
6
How to Build a Successful Financial Wellness Program
Alliant Credit Union: Financial Wellness in the Workplace, 2015
5/6/2019
Example: Minnesota Nursing Associations Financial Wellness Program Mission Statement
Define the Goal of the Program
Minnesota Nurses Association Financial Wellness Program Mission, 2019
“The mission of the program is to help MNA members
improve their overall financial well-being and increase
the security of their financial future by providing access
to a comprehensive source of independent, objective
financial advice and planning.”
Consult with Subject Matter Experts
Improve it!
Don’t reinvent the wheel…
5/6/2019
Survey Employees & Review Company Data
0 10 20 30 40 50 60 70
Building emergency savings
Saving for retirement
Paying off credit card debt
Saving to purchase an automobile
Improving credit history
Saving for children's education
Saving to purchase a home
Staying afloat with debt obligations
Paying off student loans
Financing own education
Saving to purchase recreational vehicle
Alliant Financial Wellness Employee Survey, 2014
Age Matters
BA Merrill Lynch Workplace Benefits Report, 2017
5/6/2019
Suggestions for Developing an Action Plan
Provide employees easy to use tools to evaluate their situation and set goals
and objectives
Conduct regular lunch and learns or webinars around topics of interest
Hold an annual financial fair and give employees open access to a variety of
specialists and vendors
Provide free or subsidized consultations with reputable, independent subject
matter experts
Creating Awareness and Excitement
DISTRIBUTE
FINANCIAL
EDUCATION
MATERIALS AND
ARTICLES
KEEP EMPLOYEES
INFORMED OF ALL
CHANGES AND
OPTIONS IN THEIR
BENEFIT PLANS
USE SUCCESS
STORIES FROM CO-
WORKERS TO
INSPIRE AND
MOTIVATE
COLLECT FEEDBACK
AND ADJUST THE
PLAN TO
EMPLOYEES’
RESPONSES
Creating a Financial Wellness Program, n.d.
5/6/2019
Measuring Success
• Did participation and deferral rates in savings plans
increase?
• Has turnover decreased?
• Have loans and hardship withdrawals decreased?
• Is employee productivity up?
• Are employees taking advantage of the program?
• Are they providing positive feedback?
• Are employees continuing to delay retirement?
“Take away my factories, my plants, take away my railroads, my ships, my
transportation; take away my money, strip me of all these, but leave me my
men and in two or three years, I will have them all again.”
– Andrew Carnegie
5/6/2019
FOLLOW US!
@ARGIFinancial
linkedin.com/company/argi-financial-group
Facebook.com/ARGIFinancialGroup
FINDING FINANCIAL CLARITYWWW.ARGI.NET │866.568.9719
Respective services provided by ARGI Investment Services, LLC, a Registered Investment Advisor, ARGI CPAs and Advisors, PLLC, ARGI Business Services, LLC, and Advisor Insurance
Solutions. All are affiliates of ARGI Financial Group. All materials presented as part of this presentation are protected by United States copyright law and are the exclusive property of
ARGI Financial Group LLC (“ARGI”). Any use, duplication, reproduction, or distribution of these materials for any purpose or by any means, without the express written consent of ARGI,
is strictly prohibited. © 2019 ARGI Financial Group LLC
