COUNCIL PUBLISHES GUIDE TO HELP EMPLOYERS DESIGN FINANCIAL WELLNESS PROGRAMS TO MEET THE NEEDS OF EXECUTIVES
- Created: Friday, 05 March 2021 09:00
East Granby, CT - March 9, 2021 - The Retirement Advisor Council announces publication of its fourth VIEWPOINT piece designed to help employers establish Financial Wellness programs. This fourth VIEWPOINT addresses the specific needs of executives.
The VIEWPOINT is posted HERE.
Despite their high earnings, and even because of them, Executives face unique financial challenges and financial stress that is apt to impact their job performance. These unique financial challenges include:
- Maintaining a socio-economic lifestyle commensurate with their position, regardless of earnings,
- Limitations on contributions to workplace defined contribution plans by ‘highly compensated employees’,
- Lower percentage of earnings replaced by Social Security benefits,
- Greater risks of loss and increased personal liability because of perceived “deep pockets.”
- Benefits that provide inadequate financial protection,
- Greater exposure to fraud and cybercrime.
"Although Executives earn a higher disposable income than other employees, they share many of the same financial stresses,” says Jeb Graham, CEBS®, CIMA®, CPFA, Principal of CAPTRUST Financial Advisors, and Chair of the Editorial Board for this VIEWPOINT. “Executives can benefit from the general components of a Financial Wellness program that is provided for all employees. The complex interrelationship of workplace retirement plans, health plans and other benefits, such as insurance, stock, and bonus plans add to the confusion.”
The VIEWPOINT recommends that retirement plan sponsors offer Financial Wellness programs that reward executives for their talent and contributions to the success of the organization.
About The Retirement Advisor Council
Formed in 2009, the Retirement Advisor Council is a national organization that advocates for successful qualified plan and participant retirement outcomes through the collaborative efforts of experienced, qualified retirement plan advisors, investment managers and defined contribution plan service providers. To advance its mission, the Council undertakes initiatives in the areas of research, public relations and promotion, general public education, regulatory positions and practice management. The Council accomplishes this mission by:
- Identifying duties, responsibilities, and attributes of the Professional Retirement Plan Advisor.
- Sharing professional standards with plan sponsors who are responsible for the success of their plans.
- Providing collective thought capital to decision makers, product providers, legislators and the public.
- Giving voice to the retirement plan advisor community
- Offering tools to evaluate advisors to ensure the quality of services provided.
Retirement Advisor Council is a brand of EACH Enterprise, LLC. Learn more at www.retirementadvisor.us