Vince Morris Adds Another Financial Wellness Ally
Financial Elements, Resources Investment Advisors's employee engagement program and financial wellness arm has partnered with Financial Soundings to deliver employees personalized annual retirement readiness reports. The program will also offer customized education for each employee.
The goal of both programs is to collaborate to help plan sponsors increase participation, improve retirement readiness and drive plan contributions by increasing financial literacy and reducing employee financial stress.
"We're seeing a high adoption from our plan sponsors," Vice President of Client Experience, Ashley Barb told 401K Wire. "Plan sponsors are wanting to offer this to their employees because it's not just technology but also a pairing with the human element to help participants to take their savings to the next steps."
"This is just another way that we are working to help employees understand and address their current financial state," states Financial Elements President, Vince Morris."In addition to being proactively contracted by a financial mentor, employees will not get a report in their mailboxes promoting them to take steps towards improving their overall financial wellness."
As a part of the engagement program, employees will receive a personalized retirement guide that includes targeted messaging to motivate action based on an employee’s age, gender and salary. Each report will include an RR ScoreTM which annually tracks probable outcomes and proactively engages employees.
"Our goal with this partnership is to have an additional offering for employees to review their financial situation,' said Barb. "We are continuing, as we build out the Financial Elements program, to stack the tool suite in order to really help participants with wherever they are on their road to retirement."
Formatted around a 10 point scale, the Score is intended to be used to be as a "litmus test for employees to check in with, year after year," Steve Maschino, President of Financial Soundings, told 401KWire. "We take a file from the recordkeeper and payroll system of each employee, participant or not, and when we push that through the engine, we can produce a four-page report that is completely personalized for each employee."
Barb added, "We think that every employee needs to take a look at their financial situation. Adding this partnership is another alternative way to reach everyone in order to address their financial wellness."