If defined contribution plan executives want to establish and maintain a successful financial wellness program, education isn’t enough, says a report issued Thursday by Cerulli Associates, Boston.
Key elements include creating a program whose success can be measured easily and quickly and developing one that reflects the demographics of unique workplaces, the report said.
Interviews with record keepers and sponsors yielded “a consistent theme,” Daniel Cook, a research analyst in Cerulli’s retirement practice, said in an interview. “How do you prove the value of financial wellness to clients? How do you address the challenge to prove that financial wellness is more than a marketing ploy?”
Mr. Cook said Cerulli’s research illustrates that financial wellness programs should emphasize a few specific goals for which specific actions