Nearly three-quarters (73%) of advisers report that they specifically offer financial wellness support to defined contribution (DC) plan clients, according to LIMRA Secure Retirement Institute (LIMRA SRI).
LIMRA SRI finds almost all DC advisers who provide financial wellness services offer retirement savings services and investing support (96% and 95%, respectively). Other financial wellness offerings include:
- Rainy day/emergency funds (71%),
- Budgeting and managing spending (66%),
- College savings (66%),
- Short-term saving to support planned expenses (59%), and
- Managing debt including college loans and credit cards (58%).
The survey finds advisers who include wellness offerings are also more likely to include other key participant services such as advice to plan participants, retirement income advice, advice to departing participants and custom allocation models.
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