Financial Wellness: A How-To Guide

1 FOR FINANCIAL ADVISOR OR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH THE PUBLIC.
The Elephant in the Retirement Room
Financial Wellness How-To Guide

About the Research
The Elephant in the Retirement Room is based
on primary research and secondary research
conducted by Ann Schleck & Co. between June and
September 2016.
The Interviews: 15 retirement plan recordkeepers,
16 third party financial-wellness providers, and 20
DC retirement specialists
The Survey: 82 DC retirement specialists
Contents
n Research . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5
n Strategy . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10
n Implementation . . . . . . . . . . . . . . . . . . . . . . . . 17
n Measure and Reassess . . . . . . . . . . . . . . . . . . 20

FOR FINANCIAL ADVISOR OR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH THE PUBLIC. 3
How to Make It Happen
“Not every client cares as much
as we do. In our experience,
only 20% are really engaged.
50% want to check the box. 30%
pass because the leadership
team is not interested. Our goal
is to get the top executives in at
the first strategy meeting. If the
leaders buy in, the program will
be more successful.”
—DC Specialist Advisor, from
Ann Schleck & Co. research
interviews
Most DC Retirement Specialists
Aren’t Proactively Bringing Up
Financial Wellness*
Proactively bring
the conversation
to most or all
clients
42%
Plan sponsors of all sizes recognize the need to empower participants with financial
education. Participants use it when offered. Your peers anticipate more clients will want it
in the future. A tremendous opportunity exists for DC specialist advisors to bring financial
wellness to clients.
Yet the topic of financial wellness is the elephant in the room for many DC specialist
advisors—one they don't address. Many advisors don’t know how to get started. They’re
unsure of how to talk to plan sponsors about it, and they don’t have a process to ensure
that plan sponsors get the most out of the programs.
Whether you’ve thought about financial wellness or not, this guide can help you talk to
plan sponsors and establish processes for success.
Please see page 22 for Source information.

Four Steps to Financial Wellness
“I want to be the
quarterback, in charge of
all the players in the field,
as an advocate for the
plan sponsor.”
—DC Specialist Advisor,
from Ann Schleck & Co.
research interviews
The tactical aspects of creating and managing an end-to-end program is summarized
in the steps below. You don’t have to do all these steps yourself. They can be done
by you, a recordkeeper, or a third-party provider. Your role in financial wellness is up
to you, and it may change for each client.
1. Research
   Understand the revenue potential
   Identify clients and prospects best suited for financial wellness
   Choose your approach
   Develop your elevator speech
   Educate your clients
2. Strategy
   Consult with the plan sponsor to set corporate goals
   Survey employees to determine topics and establish a baseline wellness
benchmark
   Create an overall program strategy based on goals and survey results
   Check in with recordkeeper on data requirements for success measures
   Document roles and responsibilities for all parties involved (e.g., plan
sponsor, advisor, third-parties, and recordkeepers)
   Identify success metrics, determine how frequently each will be measured
and confirm how those metrics will be gathered
   Select program topics, timing and delivery methods (e.g. in person, digital,
print)
3. Implementation
   Market program to employees
   Staff phone representatives
   Manage technology solutions
   Prepare and update topics and content
   Schedule and coordinate logistics for in-person sessions
   Deliver group and 1:1 sessions
   Secure program feedback
   Conduct follow-up messages
4. Measure and Reassess
   Document and organize attendance, feedback, and success measures for
plan-sponsor reports
   Monitor and manage vendors (e.g., recordkeeper and/or third-parties)
   Share findings during plan-sponsor committee meetings
   Consult with plan sponsor to reassess corporate goals
   Conduct annual employee survey on topics, delivery methods, and wellness
benchmark
   Revise overall program strategy as needed

Research

Education Services Fees when offered Fees when not offered % Difference
Program Strategy $88,733.33 $70,000.00 +27%
Group Meetings $95,046.88 $72,593.75 +31%
One-on-one Meetings $96,937.50 $71,500.00 +36%
The Elephant in the Retirement Room study confirms the financial opportunity for
financial wellness. More than half of advisors surveyed believe financial wellness
will increase their practice's revenue in the next five years. Regardless of financial
opportunity, it's important to note that advisors who have blazed the trail told us the
main reason why they started offering financial wellness was because "It's the right
thing to do."1
Who Pays for It?
All third parties we interviewed charge fees for financial wellness. All recordkeepers
said their financial services were bundled into the overall recordkeeping fees without
explicit financial-wellness fees.
Benefits of Offering Financial Wellness
Advisors who are participating in some element of financial wellness said they gain
the benefits of additional revenue, leads, and strengthen their client relationships.1
Financial wellness can be a key part of a participant education program. Ann
Schleck's plan sponsor research below indicates various levels of revenue potential
based on an advisor's role in the process.2
51% of advisors say it is likely or very
likely financial wellness will increase their
practice’s revenue in the next five years.
51%
The Revenue Potential of Financial Wellness
ASC proprietary research shows practices who offer program strategy generate, on average 27% higher fees for a $100M plan
compared to advisors who don't. And the pattern continues with advisors who offer group meetings at 31% higher than average fees
and one-on-one meetings generating 36% higher fees.
Research Reveals that Educational Services Can Generate Revenue2
DC Specialist Advisors Say
Financial Wellness Will Likely
Increase Revenue1
Research

Identify Clients and Prospects Best Suited
for Financial Wellness
Clients Most Likely to Adopt Have:
;; Strong HR leadership
;; Implemented a health-wellness program
;; Employed a full suite of auto-programs
;; A high concern about attracting and retaining talent
;; Look to your firm as a trusted business partner
My Plan Sponsor Clients and Prospects:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Clients Least Likely to Adopt Have:
;; A notable lack of HR leadership
;; Decisions driven by the CFO
;; Less concern about benefit program utilization or success
My Plan Sponsor Clients and Prospects:
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
15.
Plan sponsors most likely to adopt financial-wellness programs
tend to be paternalistic, meaning they have a genuine concern
for employee well-being and are willing to invest in programs
and initiatives to improve it. Create a list below of your clients
and prospects who are most and least likely to adopt financial
wellness.
Sample forms can be downloaded at
hartfordfunds.com/how-to

Develop Your Elevator Speech
Align With the Recordkeeper
ƒƒ We're committed to helping you improve the financial well-being of your
employees.
ƒƒ We collaborate with the recordkeeper to implement your financial-wellness goals.
ƒƒ You'll have one cohesive program for participants, using the best services the
recordkeeper offers.
Build Your Own
employees and have built our own program, specifically for your participants.
ƒƒ Because we deliver the program, topics and delivery methods can be customized
to the unique needs of your participants.
ƒƒ We’ve seen great success with clients who use our service.
Search for Third Parties
employees.
ƒƒ Because your participants have unique financial needs, we'll help you find a third-
party that best meets them.
ƒƒ Clients who have used this service have seen great success in improving the
financial well-being of participants.
Outsource to Third Parties
ƒƒ We are committed to helping you improve the financial well-being of your
employees.
ƒƒ We researched potential financial-wellness partners and selected the one firm we
believe will bring participants the best solutions.
ƒƒ Clients who use this service have seen great success in improving the financial
well-being of participants.
Avoid Financial Wellness
ƒƒ We don't offer financial-wellness services.
ƒƒ In our experience, plan design features such as auto-enrollment and auto-
escalation are more effective in changing participant behavior.
ƒƒ We'll continue to evaluate whether or not financial wellness is successful for
participants and whether or not we will offer services.
Plan sponsors are interested in financial wellness, even if
they're not ready to implement a program yet. Proactively
communicating about your financial-wellness offer will help
them better understand your philosophy and the services you
have available. Based on your approach to financial wellness,
use the talking points below as a starting point to develop your
financial- wellness elevator speech to briefly share your views
and capabilities.
Research

FOR FINANCIAL ADVISOR OR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC.
Topics and Delivery Are Customized
62%
recordkeepers and
third-party providers
offer topics beyond
retirement3
5
97%
recordkeepers and
third-party
providers offer
multiple delivery
methods3
LESS COMPLEX MORE COMPLEX
Basic Budgeting
Debt Management
Credit Scores &
Monitoring
College Savings
Buying a House
How Much to Save
Basic Investing
Insurance Planning
Consolidated View of
Outside Assets
Consolidated View of
Retirement Assets
HSA’s and Healthcare
Options Now and In
Retirement
Social Security Planning
Near Retirement
Income Planning
Helping Children
Become Financially
Literate
Financial Responsibility
for Aging Parents
Tax Planning
Legacy Planning
Educate Plan Sponsors
Slides for Use With Plan Sponsors (PS_FW)
Plan Sponsor Research Brochure
(MAI073)
Use the slides or overview brochure below to jump start your presentations and conversations about
financial wellness with clients during committee meetings and with prospects during the sales cycle.
Financial Wellness Definition
Financial wellness is the process of
learning about, understanding, and then
managing short- and long-term savings
so a person can invest in a secure
financial future.
The purpose of financial wellness:
   Provide a holistic view of a person’s
finances, not just what’s saved in an
employer-sponsored retirement plan
   Make changes in financial behavior
   Reduce financial stress
   Inspire confidence in the probability
of achieving financial goals
Financial Wellness Headline
Subhead to come
THIRD-PARTY
PROVIDERS
RECORDKEEPER
Top financial worries5
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
SAVINGS NOT HAVING ENOUGH
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
Seven out of ten American workers say financial
stress is their most common cause of stress4
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
Americans’ top financial worries
% of people with financial worries who reported concern about
various items15
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
46% of employees distracted by
their finances at work say they spend
three or more work hours on personal
finances
Financial Stress is hurting employees’ productivity2
Hours spent each week thinking about, or dealing with issues
related to their personal finances.
Defined benefit plans
are gone
% of private sector
workers participated in
a defined benefit plan
as their only retirement
account.6
And many
employees are ill
prepared to manage their
retirements.
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
1979 2013
Have you been wondering if your employees’ stress about their finances is affecting
their productivity? Research shows that employees are stressed about their finances
and their spending time on the job dealing with them. But there’s much uncertainty
among employers about what to do about this problem. This report provides
highlights from an Ann Schleck & Co. research project that reveals financial wellness
trends, who’s paying for it and the approaches financial consultants are taking to
help solve this problem.
Seven out of ten American workers say financial stress
is their most common cause of stress, and almost half
(48%) say they find dealing with their financial situation
stressful.
21%
53%
9
2
2
46%
DOL Ruling provides new
opportunities for financial
wellness
46% of consultants believe that the new
ruling will create greater opportunities for
advisory firms to develop and differentiate
financial wellness services.1
More
consultants will be willing to offer financial
wellness because the new rule clarified
the roles of consultant, plan sponsors and
providers.
FOR FINANCIAL ADVISOR OR INSTITUTIONAL INVESTOR USE ONLY. NOT FOR USE WITH THE GENERAL PUBLIC. 4
Demand from Employers is Making It BIG
Financial stress is hurting employees’ productivity2
46% of employees distracted by their finances at work say they spend three or
more work hours on personal finances
What Everyone Needs to Know
About Financial Wellness
What Is Financial Wellness?
Definition:
Financial wellness is the process of learning about, understanding,
and then managing short- and long-term savings so you can invest
in a secure financial future.
2
Purpose:
 Provide a holistic view of a person’s finances
 Improve financial behavior
 Reduce financial stress
 Inspire confidence in the probability of achieving financial goals
Demand from Participants Is Making It BIG
American’s top financial worries1
 Tech Adds Life to Longer Life
 Life Changing Tech
 Your Role in the Longevity
Economy
Slides and brochure can be
downloaded at

Strategy

Strategy
Confirm Plan Sponsor Goals
Plan sponsors offer benefit programs for many different
reasons. It’s critically important to understand and prioritize
their overall program goals. To help establish criteria for
success, understand and rank your plan sponsors' benefit
program goals. Then work with each client to measure success
regularly.
POTENTIAL PROGRAM MEASUREMENTS PRIORITY
HOW TO
MEASURE SUCCESS
RECOMMENDED REVIEW
FREQUENCY
CORPORATE OBJECTIVES Low High
Recruit talent      Recruiting pipeline quality Annually
Retain talent      Turnover statistics Annually
Improve employee appreciation      Employee survey Annually
Manage benefit costs      Benefit cost statements Annually
Minimize HR administration burden      HR time analysis Annually
Improve productivity      Production metrics Quarterly or semiannually
Decrease absenteeism      Time off records Quarterly or semiannually
Increase benefit program utilization (e.g.,
retirement plan, HSAs, wellness)
     Benefit reports Quarterly or semiannually
EMPLOYEE OBJECTIVES
Increase levels of financial
well-being
     Employee survey Annually
Improve satisfaction with employer      Employee survey Annually
Improve financial knowledge (e.g., reduce
debt, greater use of budgets, able to save
for major purchase)
     Employee survey Annually
Increase retirement readiness (e.g., account
balances, diversification, contribution rates,
readiness scores, loan utilization)
     Plan data reports Quarterly or semiannually
Sample forms can be downloaded at

Assess Employee Needs
1. How would you rate your overall financial health?
2. For each of the following five categories please indicate: (a) Your level of interest in receiving education about each
category; (b) Topics of interest within each category; and (c) How you prefer education to be delivered to you.
Very
poor
1 2 3 4 5 Very
good
Prefer not
to answer
Getting the Most of Your
Retirement Plan
Level of Interest in Receiving Education
Topics of Interest (select all that apply):
 Learn if you are saving enough to not run out of
money in retirement
 Features and benefits of your 401(k)
 Roth vs. Traditional options
Preferred Education Delivery Method:
(Rank top 3)
Print
Phone
In-Person
Group Meeting
Webcast
Online
Planning for Retirement
 Having enough money in retirement
 Insurance planning
 Social Security
 Tax planning
 Medicare
(Rank top 3)
Print
Phone
In-Person
Group Meeting
Webcast
Online
Investment Planning
 Understanding and managing risk of your current
investments
 Stress-testing your current portfolio
 Maximizing your investment return and reducing
overall risk
(Rank top 3)
Print
Phone
In-Person
Group Meeting
Webcast
Online
Savings and Budgeting Tips
and Tricks
 Creating and managing a monthly budget
 Paying down credit card debt
 Paying off student loans
 Saving for a major purchase such as a vacation or
second home
(Rank top 3)
Print
Phone
In-Person
Group Meeting
Webcast
Online
Caring for Others
 Caring for aging parents
 Saving for a child’s education
 Legacy planning
 Helping children become financially literate
(Rank top 3)
Print
Phone
In-Person
Group Meeting
Webcast
Online
Use this assessment form to uncover financial-wellness topics and delivery methods most important to employees.
HighLow
1

2

3

4

5

HighLow
1

2

3

4

5

HighLow
1

2

3

4

5

HighLow
1

2

3

4

5

HighLow
1

2

3

4

5

Strategy

12 Best Practices for Delivering Financial
Wellness
1 Make it available to all employees, not just those eligible for the
retirement plan
2 Connect with participants on a personal level; use a survey to determine
the topics and delivery methods they want and keep the survey
anonymous
3 Offer education sessions after work hours; before and after shifts and
during lunch
4 Schedule topics when they are timely (e.g., budgeting during the
holidays)
5 Include spouses and partners in education and decisions
6 Conduct anonymous webcasts for sensitive topics; all other education is
most effective when it’s in-person
7 Sync up the financial-wellness program with the health-wellness
program
8 Offer incentives for attending sessions and taking actions
9 Be authentic, relatable, and an expert in the topic when delivering; no
conflicts of interest or cross-sell
10 Keep the content simple
11 Focus sessions on action steps; ask employees to set their own goals
and action plans during the meeting
12 Send next step reminders and follow-up messages about actions and
goals, e.g., if during a session a participant sets a goal to sign up for
the plan in 3 months, or to increase credit card payments each month,
a reminder should go to them via text, email or phone call to talk with
them about taking action towards the goal they set.
"Programs have been
successful with all age groups
and genders. We've found it's
not a demographic issue, it's a
willingness issue regardless of
age/gender."
—DC Specialist Advisor, from
Ann Schleck & Co. research
interviews

Responsible
Plan Sponsor Plan Advisor 3rd
Party Recordkeeper
1. Research
1.1 Understand the revenue potential*    
1.2 Identify best-suited clients and prospects*    
1.3 Choose your approach*    
1.4 Develop your elevator speech*    
1.5 Educate your client(s)*    
2. Strategy
2.1 Consult with the plan sponsor to set corporate goals*    
2.2 Survey employees to determine topics and establish a
baseline wellness benchmark
   
2.3 Create an overall program strategy based on goals and
survey results
   
2.4 Document roles and responsibilities for all parties
involved (e.g., plan sponsor, advisor, third-parties and
recordkeepers)
   
With multiple parties playing a role, it’s important to
understand who will be primarily responsible for each
element of the program. Use the chart below to identify who
is responsible for each task. We've placed an asterisk next to
activities most commonly managed by retirement advisors
regardless of whether or not they work with a recordkeeper or
third party.
"Oftentimes program success measures are dependent on the data we have on the
recordkeeping system. It can be a difficult conversation when an advisor brings on a third party
with unique data requirements that we may not be able to deliver. The most successful advisors
check in with us about requirements before recommending a third party."
— Recordkeeper, from Ann Schleck & Co. research interviews
Define Roles and Responsibilities
Strategy
*Activity typically managed by DC specialist advisor

Responsible
Plan Sponsor Plan Advisor 3rd
Party Recordkeeper
3. Implementation
3.1 Market program to employees    
3.2 Staff phone representatives    
3.3 Manage technology solutions    
3.4 Prepare and update topics and content    
3.5 Schedule and coordinate logistics for in-person sessions*    
3.6 Deliver group and 1:1 sessions*    
3.7 Secure program feedback    
3.8 Conduct follow-up communications    
4. Measure and Assess
4.1 Document and organize attendance, feedback, and
success measures for plan sponsor reports*
   
4.2 Monitor and manage vendors (e.g., recordkeeper and/
or third parties)*
   
4.3 Share findings during plan sponsor committee meetings*    
4.4 Consult with plan sponsor to reassess corporate goals*    
4.5 Conduct annual employee survey on topics, delivery
methods, and wellness benchmarks
   
4.6 Revise overall program strategy as needed*    
*Activity typically performed by DC specialist advisor

Documenting Your Financial Wellness Program
After you've confirmed plan sponsor goals and assessed
employee needs, use this page to summarize your findings.
Then share this summary with your plan sponsor client to
ensure that everyone's on the same page at the beginning of
the process.
Document Results
Top Corporate Objectives:
Top Employee Objectives:
Employee Survey Results About Stress and Well-being:
Positive outcome:
Negative outcome:
Notes about how employee results have changed over time:
Notes About Four Topics of Highest Interest to Employees Overall:
Financial Basics:
Benefits:
Savings:
Helping Others:
Preferred Delivery Methods:
Print Interactive
online
Webcast Live phone
conversation
Group
Meeting
In-person
one-on-one
Strategy
Use plan sponsors' top Corporate
Objectives from the form on pg. 11
Use plan sponsors' Employee
Objectives from the form on pg. 11
Use participants' Top Interests from
the form on pg. 12
Use the results of the participant
survey on financial stress and well-
being from the form on pg. 12
Use participants' top Preferred
Education Delivery Methods from
form on pg. 12
Notes about the effectiveness of delivery methods:

Implementation

Monitor and Manage Recordkeeper
and Third-Party Relationships
Here are seven tips to monitor and manage vendor relationships for your financial-wellness program.
Later in this section, you’ll find a worksheet to assess the overall program, including measuring the
effectiveness of your vendor partners.
1 Establish roles and responsibilities. (See pages 14-15)
2 Create at least two layers of contacts.
Most third parties and recordkeepers will have a day-to-day contact plus a more senior role
for program strategy and escalation of any issues or challenges.
3 Set up semiannual or quarterly check-in calls.
Use these calls to do a program status update; recap quality of service and any issue trends;
deepen the relationship and support commitment.
4 Develop a calendar of client program meetings and employee engagements.
5 Determine a schedule for receiving reporting/metrics.
For example, within 5 days of quarter end, so you may recap and share with the client.
6 Maintain an action log.
This will ensure inquiries and issues are resolved in a timely manner and/or that you have
documentation to review with your escalation contact.
7 Review overall program, services, and fees annually.
This is your opportunity to request changes, so don’t be afraid to ask for innovation along
with basic program enhancements.
Implementation

Financial Wellness Annual Progress Report prepared for: Report prepared by:
Plan Sponsor ABC Company
January 28, 2017
Mr. Advisor
mradvisor@advisor.com
555-555-5555
Date Financial Wellness Program Implemented: January 2016
Quarterly Series Developed Program Attendance Success
Q1 Paying down credit card debt after the holidays
(Webcast)
Q1 Goal: 20 employees  Actual: 25
Q2 Strategies to save for a major purchase (Lunch & Learn)
Q3 Ideas to save more for retirement (Lunch & Learn)
Q4 Creating a budget you can live with (Webcast)
High Priority Corporate Objectives High-Priority Employee Objectives
 1. Attract talent. Goal met.
2015 Talent Pipeline: 123 candidates
2016 Talent Pipeline: 201 candidates
 1. Increase levels of financial well-being. Goal met.
2015 Client Survey: 12% Strong financial wellness
2016 Client Survey: 28% Strong financial wellness
 2. Improve employee appreciation. Goal not met.
2015 Client Survey: 89% high appreciation
2016 Client Survey: 72% high appreciation
 2. Increase retirement readiness. Goal met.
2015 Client Survey: 22% ready
2016 Client Survey: 26% ready
 3. Decrease absenteeism. Goal met.
2015 Absenteeism: 389 total days
2016 Absenteeism: 250 total days
Comments and recommendations:
The 2016 financial-wellness program was a success. We released four programs and all were well attended. We achieved two
of the corporate goals. Employee appreciation did not improve, we suspect because of the health insurance cost increase
that we passed on to employees one month before the satisfaction survey.
After a successful first year, we recommend repeating the four topics to reach a larger audience. We also recommend adding
a session on Social Security planning for employees age 50 and older.
Demonstrate Progress
This is a sample form you can use to communicate program success.

Measure and Reassess

Periodically Assess the Overall Program
Like any new program or product, it's important to take time to assess the value. The following worksheet can help you
determine if the program you've implemented is meeting the needs of your plan-sponsor clients, participants, and your practice.
Use this worksheet to identify the topics you want to approach with your clients and/or vendors. We recommend this be part of
an annual program review.
Client Name: Vendor Name:
Program Type:  Proprietary program (build)  Third party/outsourced  Recordkeeper program
STATUS BASED ON
YOUR EXPECTATIONS PLAN
Below
Par
On
Par
Above
Par
Continue
As Is
Make
Changes
Comments About What Is Going Well or
What Needs to Change
General Program Elements
Client time commitment     
Practice time commitment     
Program metrics     
Meeting materials     
Online resources     
Employee communications     
Employee engagement     
Program metrics     
Vendor
Meets general expectations     
Quality of meeting content     
Quality of online tools     
Timeliness of responses     
Tenure and Quality of staff     
Volume of issues     
Issue resolution     
Measure and Reassess

The Bottom Line
Next Steps
1. Determine your financial-wellness approach. If you haven't done so yet,
check out our The Elephant in the Room: Choosing Your Financial Wellness Approach
piece. See which of the five approaches is best for you.
2. Identify clients and prospects best suited for financial wellness. Use the
form on page 7.
3. Create your game plan. Implementing financial wellness is a big initiative. Get
some help for your journey. Contact your Hartford Funds advisor consultant.
They can help you create a game plan, set goals and help you implement your
plan.
Not sure who your sales specialist is? Call 800-279-1541 or email us:
marketing@hartfordfunds.com
“All advisors should be
having the financial-
wellness conversation
right now.”
—DC Specialist Advisor,
from Ann Schleck & Co.
research interviews
1
The Elephant in the Retirement Room—Financial Wellness Research, Ann Schleck & Co. and Hartford Funds, 2016
2
Advisor Fee Database, Ann Schleck & Co., 2016
Sources:
Plan sponsors' demand for financial wellness is on the rise. They recognize its
potential to help employees reduce stress and achieve their short- and long-term
financial goals.
Advisors now have an opportunity to bring financial wellness to plan sponsor clients
and prospects. It can differentiate your practice.

Financial Wellness Definition
Financial wellness is the process of
learning about, understanding, and then
managing short- and long-term savings
so a person can invest in a secure
financial future.
The purpose of financial wellness:
   Provide a holistic view of a person’s
finances, not just what’s saved in an
employer-sponsored retirement plan
   Make changes in financial behavior
   Reduce financial stress
   Inspire confidence in the probability
of achieving financial goals
Financial Wellness Headline
Subhead to come
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
Americans’ top financial worries
% of people with financial worries who reported concern about
various items15
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
46% of employees distracted by
their finances at work say they spend
three or more work hours on personal
finances
Financial Stress is hurting employees’ productivity2
Hours spent each week thinking about, or dealing with issues
related to their personal finances.
Defined benefit plans
are gone
% of private sector
workers participated in
a defined benefit plan
as their only retirement
account.6
And many
employees are ill
prepared to manage their
retirements.
THIRD-PARTY
PROVIDERS
RECORDKEEPER
PLAN
SPONSER
PARTICIPANTS
83%
LACK OF
MONEY TO COVER
REGULAR EXPENSES
71%
49%
28%
2%
CONFIDENCE METER
LESS MORE
Moderately,
slightly or
not confident
27%Use
Recordkeeper
Programs
26%Use
Third-Party
Programs
NOT HAVING
ENOUGH MONEY
FOR RETIREMENT
69%
3HOURS
1979 2013
Have you been wondering if your employees’ stress about their finances is affecting
their productivity? Research shows that employees are stressed about their finances
and their spending time on the job dealing with them. But there’s much uncertainty
among employers about what to do about this problem. This report provides
highlights from an Ann Schleck & Co. research project that reveals financial wellness
trends, who’s paying for it and the approaches financial consultants are taking to
help solve this problem.
Seven out of ten American workers say financial stress
is their most common cause of stress, and almost half
(48%) say they find dealing with their financial situation
stressful.
21%
53%
9
2
2
46%
DOL Ruling provides new
opportunities for financial
wellness
46% of consultants believe that the new
ruling will create greater opportunities for
advisory firms to develop and differentiate
financial wellness services.1
More
consultants will be willing to offer financial
wellness because the new rule clarified
the roles of consultant, plan sponsors and
providers.
Research Report: Your
Role in Financial Wellness
(MAI067)
Insights based on
qualitative interviews
with recordkeepers and
third-party providers,
and on a quantitative
survey of advisors.
Choosing Your Financial
Wellness Approach
(MAI068)
Evaluate five different
financial-wellness
approaches and decide
which is the best fit for
your practice.
Financial Wellness
Provider Comparison
Guide (MAI065)
Choosing the right
financial-wellness
partner can make or
break your success.
Discover the capabilities
of leading financial-
wellness providers.
What Everyone Needs
to Know About Financial
Wellness overview
brochure (MAI073)
Four page overview that
features Ann Schleck &
Co. financial-wellness
research highlights.
What Everyone
Needs to Know About
Financial Wellness
slides (MAI073)
PowerPoint slides
that feature Ann
Schleck & Co.
financial-wellness
research highlights.
Additional Elephant in the Retirement Room
Financial Wellness Resources
For Advisors:
For plan sponsors:
Definition:
2
Purpose:
Definition:
2
Purpose:
Definition:
2
Purpose:
Definition:
2
Purpose:
Definition:
2
Purpose:
What Everyone Needs to Know
About Financial Wellness

At Hartford Funds, your investment satisfaction is our measure of success.
That’s why we use an approach we call human-centric investing that considers
not only how the economy and stock market impact your investments, but also
how societal influences, generational differences, and your stage of life shape
you as an investor.
Instead of cookie-cutter recommendations and generic goals, we think you
deserve personalized advice from a financial advisor who understands your
financial situation and can build a financial plan tailored to your needs.
Delivering strong performance is always our top priority. But the numbers
on the page are only half the story. The true test is whether or not an
investment is performing to your expectations.
hartfordfunds.com 800.279.1541 @hartfordfunds hartfordfunds.com/linkedin
Materials provided by Hartford Funds Distributors, LLC, Member FINRA.
Ann Schleck & Co. LLC is not an affiliate or subsidiary of Hartford Funds. MAI066_0117 121203
This Research Report Will Help You Discover:
• Why financial wellness is such a hot topic for employers
• How other advisors, plan sponsors, participants, recordkeepers, and
third-party providers are thinking about financial wellness
• Options for the role you can play in delivering financial wellness
The Elephant in the Room financial-wellness kit
Ask your Hartford Funds sales specialist about getting other Elephant in the
Retirement Room resources, like:
• Choosing Your Financial Wellness Approach
• Financial Wellness How-to Guide
• Financial Wellness Provider Comparison Guide
Not sure who your sales specialist is? Call 800-279-1541 or email us:
marketing@hartfordfunds.com

Financial Wellness: A How-To Guide

More Related Content

What's hot

Similar to Financial Wellness: A How-To Guide

More from The 401k Study Group ®

Recently uploaded

Financial Wellness: A How-To Guide