8 questions to ask when shopping for a financial wellness benefit

When shopping for a financial wellness benefit, these must-ask questions will ensure you see ROI and happy employees.

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Unsure which financial wellness program to choose for your employees? This guide explores 8 key questions to ask.  From coach credentials and cost to program access and reporting, these questions ensure you get the right fit for your company and employees. Invest in their financial well-being and empower a productive, happy workforce.

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1. Coaching vs. Planning — Do employees need financial coaching or investment advice?

When it comes to providing financial assistance to your employees, it's important to decide whether you want to offer financial coaching or financial planning, which is investment-focused advice.

Financial coaching, like the services we provide at Your Money Line, focuses on helping employees with their day-to-day financial issues, such as budgeting, debt management, and purchasing their first home.

We provide 1:1 financial guidance to help employees achieve both their short-term and long-term goals while increasing their financial wellness and confidence in making decisions about their money.

2. Credentials — What expertise do the financial coaches have?

It's important to ensure your chosen vendor has certified financial coaches. All of our Guides are Accredited Financial Counselors® and/or Certified Financial Planner™ practitioners, so your employees are in experienced, knowledgeable hands. Also, when evaluating coaching and credentials, here are a couple of questions to ask:

  • How do their coaches work?
  • Will employees get the same financial coach every time so they can build a relationship with that person?

You want to make sure your employees get accurate and trustworthy information. Experienced and qualified financial coaches who meet one-on-one with employees usually provide the best support.

3. Cost — How much does a financial wellness program cost?

When searching for a financial wellness provider, it’s important to consider the cost. Although it may not be the most critical factor, you want to ensure that you are getting value for your money. Take a closer look at how vendors determine their costs.

Some may base it on the number of employees you have, while others may charge an annual fee based on the tools and resources they offer. You don’t want to be nickled and dimed (literally and figuratively) every time your employees reach out—that is why we’ve chosen a model with no limit on how many times an employee can talk to a coach. Check out our pricing page for more information!

4. A Multi-Channel Support Solution — Does the program offer multiple ways to access resources?

Every individual has a unique way of learning, so finding a personalized and tailored program for your employees is essential.

Look for a solution that offers multiple ways for your employees to get the financial help they need. For instance, Your Money Line provides financial guidance through phone, chat, email, and text. We also offer online courses, webinars, articles, and more for those who prefer to learn on their own.

5. Strategy and Approach — Are coaches empathetic in their approach to money?

Talking about money can be a sensitive and vulnerable topic for many. Finding a financial wellness program that takes an empathetic approach to help alleviate any discomfort or anxiety is important.

A good program should provide a safe and non-judgmental space for individuals to discuss their financial concerns and goals.

Our experts have experience in financial counseling methodology which helps them to approach these conversations with empathy and understanding.

Additionally, the program should offer personalized guidance and resources to help individuals improve their financial well-being and achieve their financial goals.

6. Aligned Incentives — Will coaches try to sell my employees any products?

At Your Money Line, we believe the focus should be on helping people improve their financial lives. While it's unfortunate that many others prioritize pushing products for profit, we take a different approach. Our experts are here solely to offer personalized help and guidance to employees looking to better their financial situation. We don't believe in selling products that might not align with the individual's needs.

Our priority is to align our incentives with those of our clients. We believe that by assisting individuals in improving their financial lives, we can build long-lasting relationships that benefit everyone involved. Our team is dedicated to understanding your unique needs and providing you with the support and guidance you need to achieve your goals. Whether you're looking to improve your financial literacy, overcome financial challenges, or reach new financial heights, we're here to help you every step of the way.

7. Benefits Optimization — How well does the program integrate with your other employee benefits?

One effective way to increase employee engagement and satisfaction is by finding programs that invest in your entire benefits package. This can provide your employees with comprehensive benefits that cater to their diverse needs and preferences, such as health insurance, retirement plans, paid time off, wellness programs, and more.

Our experts will have access to your entire benefits program to help direct employees to take advantage of and make the most of the existing benefits. By offering a well-rounded benefits package, you can demonstrate your commitment to your employees' well-being and create a more positive and productive work environment.

8. Data and Insights — What reporting will the vendor provide back to us?

When choosing a program to manage your financial wellness solutions, selecting one that provides employers with comprehensive data and insights is important. This will enable you to track your financial wellness program's return on investment (ROI). Our financial wellness solution offers an employer dashboard that provides an aggregate view of data, allowing you to monitor the progress of your program easily.

With this dashboard, you can track key metrics such as employee engagement, participation rates, and overall program effectiveness. This level of detail and insight will help you make informed decisions about your financial wellness program and ensure you maximize your investment.

Choosing the right program for your team

If you're in the market for a financial wellness program, it's important to ask these 8 key questions to ensure that both your employees and your company are getting exactly what they need.

If you're considering adding financial wellness as a new benefit, please reach out to us. We're here to help you through the process!

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