5-part checklist for selecting the the best financial wellness vendor for you

It seems like more and more companies are offering their employees some type of financial wellness programs these days.  

But how do you cut through the clutter and find something that will actually work with your specific workforce?

During a recent presentation, Neil Lloyd, head of US DC & financial wellness research for Mercer, acknowledged that finding the right financial wellness vendor can turn into a daunting task. Reason: Companies in this field are new and research info limited.

To help, Lloyd offered a simple five-step checklist employers should take before enlisting the services of a financial wellness vendor.

Vetting the vendors

1. Review of investment management database. You’ll want to pay close attention to the vendor’s system as well as the details of its available tools and resources.
   One key Lloyd offered when researching potential vendors: Look to the future. Is the vendor keyed in to emerging trends and is the system equipped (or compatible) with technolchecklist, ogy that’s bound to be important in the future?
2. Review of previous research on the firms, strategy or people concerned. While data may be limited, you should be able to find some info on a vendor’s track record.
3. Carry out performance analysis. Does the vendor and its system really do everything it claims?
4. Style analysis of portfolio holding data. How is the data stored? How easy will it be for employees to access and understand that data?
5. On-site meeting with key decision-makers and selected team members. Even if everything about the vendor looks good on paper, it’s still a good idea to get a consensus from your key people (execs, HR and benefit team, etc.) to make sure you want to partner with the company.

Based on “Helping  Employees Become Financially Fit,” by Neil Lloyd, as presented at the Dig|Benefits Conference in Austin, TX.