Three concepts missing from financial wellness programs

Introducing, the first ever free cheat sheet on the 3 Key Concepts Missing from Financial Wellness Programs.

Transcript

1. From Financial Wellness Programs 3 Concepts Missing
2. Concept #1 Goal-Setting
3. Concept Superpower: Research shows that a goal-based savings approach is proven to be one of the most effective and easiest to follow. Simply put, people care about and are motivated by their future goals. Plus, anyone can pick a goal from a list.
4. Superpower In Action: Start employees off with a conversation about the goals that they care about. Then use their top financial goal as a “frame” to pull them through the financial wellness on-boarding process. Tell them how taking action will help them achieve their goal.
5. Concept #2 Pre-commitment
6. Concept Superpower: Getting employees to make a commitment towards achieving their goals is a massively underutilized strategy. When we understand and commit, we do better. Plus, it gives advisors permission to ensure follow-through.
7. Superpower In Action: Once an employee has set their goals and answered some profile questions, get them to choose how much time they will be spending on the goal. To really drive the point home, get them to agree to a commitment contract.
8. Concept #3 Accountability
9. Concept Superpower: If there is no accountability to their goals, employees are forced to exercise strong self-motivation. Just sending automated reminders from advisors has been shown to dramatically increase follow through. We do better when there’s someone to answer to.
10. Superpower In Action: Create a matching system to help employees feel like they have been matched with their ideal financial advisor and then get their permission to hold them accountable to a simple, custom financial plan. Use positive social proof to get their further buy-in.
11. Retiremap 2.0 Is Coming! Retiremap 2.0 is the result of a product collaboration with Duke University’s Common Cents Lab and renowned behavioral economist and NY Times Bestselling author, Dan Ariely. Launch details next week.