Financial planning is increasingly emerging as a natural extension of workplace retirement benefits as employees look for more personalized help managing their broader financial lives. With many workers lacking a written financial plan, struggling with debt, and expressing interest in receiving advice through their employer, advisors and plan sponsors have an opportunity to move beyond traditional retirement plan support and address the wider financial needs of participants.
For retirement plan advisors, the shift could also create a meaningful bridge between workplace retirement and wealth management. Success will require cooperation among advisors, plan sponsors and providers, along with technology and AI that can help deliver personalized planning at scale. As the lines between retirement, wealth and employee benefits continue to blur, financial planning may increasingly become part of the value employers expect from their workplace benefits programs.
Read more in Fred Barstein’s latest WealthManagement.com column, “Should Financial Planning Be an Employee Benefit?”
