- Financial Wellness
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Worksite Financial Wellness
Based in Alpharetta, Georgia, Merit Financial Advisors, is a leading independent Super-OSJ firm with longstanding experience in supporting the company retirement plan space. As a core part of its growth strategy, Merit launched Worksite Financial Wellness platform, a comprehensive offering that provides customized, turnkey financial wellness education, coaching and training resources to plan participants. Worksite Financial Wellness can be used either directly by plan sponsors, or as a third party, integrated resource by plan advisors, employee benefits consultants, record keepers and many others.
Our methodology emphasizes program customization, reporting & measuring capabilities, engagement experience, and implementation. Merit’s Worksite Financial Wellness is multi-faceted serving both the company and its employees throughout a four phase annual program that focuses on Engagement, Examination, and Education.
It begins engagement by administering a financial wellness exam to employees to help them gauge their financial health, retirement readiness and long-term priorities. This data is then used to develop a comprehensive, two-pronged strategic plan, both at the plan sponsor level and for each participant. From there a tailored recommended education plan consisting of Self-Guided, Advisor Guided, and Group Guided Education is put into action. Reports aid in determining next steps and tracking progress throughout the year.
Worksite Financial Wellness is a turn-key solution derived from the belief that the worksite is the last great hope for educating individuals on healthy financial habits. High financial stress can have a negative impact on employees and organizations making it difficult to positively transition to retirement. Worksite Financial Wellness is structured to not only assist with participant education, but also to support plan sponsors in their efforts to improve their organization.
It lends benefit companies, third party administrators, retirement plan advisors, and record keepers the competitive advantage for winning and keeping plans through a heightened value proposition to both plan sponsors and plan participants. Our implementation team acts as a partner in reinforcing benefit integration through our digital platform and reporting capabilities and in helping with fiduciary responsibilities, saving time and solidifying client relationships. We enable companies to bolster the financial health and retirement readiness of its individual plan participants, reduce personal finance-related stress that can negatively impact employee productivity, such as excessive personal debt, and to serve as fiduciaries to plan participants by helping employees better understand plan offerings. The end result for companies is increased corporate competitiveness and employee morale, as well as higher employee plan enrollment rates.