Nov 10, 2020
The global pandemic and resulting market crash and job losses
were a stark reminder of how ill prepared most American workers
were in an emergency. For companies that offer 401(k) plan, having
a robust financial wellness program in place can often help
employees deal with this type of financial stress. On that note,
and as part of Gulf Coast Financial Advisor’s 401(k)
plan participant educational services, we’ve selected audio clips
from a recent Qualified Plan educational webinar that Josh hosted
with Matthew Eickman, the National Retirement Practice Leader for
Prime Capital Investment Advisors & Qualified Plan
Advisors, where Matthew and Josh discuss the present and future of
financial wellness.
In this episode, Josh and Jay provide context to the Financial
Wellness content provided by Matthew, particularly around the
definition of financial wellness has evolved over the past handful
of years, and how Covid accelerated the existing need to have
financial savvy and educated employees. This episode also discusses
the measurable hit to production when your workforce is financial
stressed – it’s a significant detrimental impact! If you’re a plan
sponsor or 401(k) plan decision maker, take a few minutes to hear
practical advice and guidance on a properly structured Financial
Wellness program!
Josh is connected to Prime Capital Investment
Advisors and Qualified Plan Advisors. His company, Gulf Coast
Financial Advisors, is part of their network of independent
advisors, which gives him the support of a multi-billion dollar
investment company but still provides for independence and
ownership of his practice.
Key Takeaways:
- Plan sponsors may have had the best intentions of offering
financial wellness programs, but Covid exposed the fact that
employees were simply not ready for a financial crisis.
- The post-COVID-19 era will have an economy shaped by new habits
and regulations. Both people and organizations will discover the
benefits of a new way of living and working, which will challenge
traditional business and lifestyle norms.
- Some of the “New Normal” changes may stick, or possibly even
embraced, such as remote working, a mixed work/life balance, access
to e-commerce & logistics and E-health.
- Some potential implications of the New Normal for Employers
include mass unemployment, bankruptcies, bail-outs, employees
working remotely, challenging engagement and communications and
reduced productivity.
- The potential affect on Employees include stress over job
security, isolation and disengagement from employer, struggling to
maintain a consistent schedule, anxiety / loneliness / depression,
technology challenges, funding an emergency account, paying off
debt, retirement readiness and child care.
- In a Covid related study, financial or money challenges causes
the majority of stress for employees – over 50%!
- Proactive employers are responding with properly structured
wellness programs, and seeing improvement in work enjoyment,
loyalty and attitude.
Forward-Looking Wellness Program Best
Practices:
- Embracing Technology
- Customized to the Organization
- Personalized to the Employee
- Ability to Engage Via Technology
- More Expansive Topics – financial and otherwise
- Data-dependent and Results-driven
Action Items:
Visit Financial Fitness for Life, and if you’re a Gulf Coast area business owner, plan sponsor or 401(k) decision maker, reach out to Gulf Coast Financial Advisors to start the discussion about a Financial Wellness program.
Show Links:
https://gulfcoastfa.com/401k-forum
https://qualifiedplanadvisors.com/
https://everydollarcounts.libsyn.com/
https://www.firstprotective.com/
https://www.deepfriedstudios.com/
https://www.slothracerband.com/
Resources:
Gulf Coast Financial Advisors
Prime Capital Investment Advisors
Qualified Plan Advisors
Financial Fitness for Life
First Protective