• Account Access
  • Contact Us

    Pre-Sales Support

    Mutual Funds and ETFs - 800-456-7526
    Monday-Thursday: 8:00 a.m. – 6:00 p.m. ET
    Friday: 8:00 a.m. – 5:00 p.m. ET

    ETF Trading Support - 415-315-6600
    Monday-Friday: 9:30 a.m. – 5:00 p.m. ET

    Post-Sales and Website Support
    Monday-Friday: 9:00 a.m. - 6:00 p.m. ET

  • Advisor Log In

Financial Wellness–Is It Worth It?

How to measure the effectiveness of your programs

Wilt Chamberlain holds the record for scoring the most points in a single basketball game. On March 2, 1962, he scored 100 points. Yet he’s ranked as the NBA’s second-worst foul shot shooter, making only 51.1% of those shots. But during that particular game, he made 28 out of 32 foul shots by shooting the shots underhand. The technique looked childish, and Wilt abandoned it despite its effectiveness. He later admitted that it made him feel like a “sissy” and didn't think it was worth it. Likewise, many financial advisors are wondering if implementing a financial wellness program is worth it.

What the research shows about a financial wellness program’s revenue potential

Ann Schleck and Co. discovered that advisors can generate greater revenues by offering various levels of plan sponsor educational services as shown in the table below. Their proprietary research shows that practices that offer program strategy generate 27% higher fees on average for a $100M plan compared to advisors who don't. And the pattern continues with advisors who offer group meetings at 31% higher than average fees and one-on-one meetings generating 36% higher fees.

Research Reveals that Educational Services Can Generate Revenue2



How can you determine if financial wellness is worth it?

First, pitch the concept of financial wellness to plan sponsors who truly have a need for it. Use our guidelines to help you evaluate which clients would be good candidates for on page 7 of our Financial Wellness How-To Guide. Once a plan sponsor has committed to starting a program, help them determine their corporate and employee goals. We have forms to help you define these goals on pages 11, 12, and 16 of our Financial Wellness How-to Guide. Document these goals, as shown below, and review them with your clients to everyone's on board.

click to enlarge


When should you determine if your program is worth it?

Upon finalization of the program’s goals, decide how often you'll meet to review advancement toward those goals, e.g. quarterly, semi-annually, or annually. When you discuss the results, use a dashboard to illustrate progress. We provide a sample on page 19 of our Financial Wellness How-To Guide.

Who decides whether the financial wellness is worthwhile?

Plan sponsors will ultimately decide if the program has demonstrated value. You'll play the key role in helping them make that conclusion based on the achievement of the measurable goals. If you're working with a recordkeeper or third-party provider to implement your program, ask them about their capabilities to measure the effectiveness of programs. They often have existing dashboard tools that can be used to help convey the effectiveness of your program.



Next Steps:

  1. Download the Financial Wellness How-To Guide brochure below today.
  2. Within one week, complete page 7 of the Financial Wellness How-To Guide to determine which of your plan sponsors can benefit most from a financial wellness program.
  3. Within one month, complete pages 11 and 12 with a plan sponsor who’s intentional about beginning a financial wellness program.



Hartford Funds has engaged Ann Schleck & Co. LLC to develop the materials referenced herein. Ann Schleck & Co. LLC is not an affiliate or subsidiary of Hartford Funds.