Today Questis released an article examining the history of the 401(k) and how it is failing the majority of American workers. The 401(k) article challenges retirement plan advisors to see financial wellness technology as the solution to the retirement crisis.
“Americans are financially more sick than ever before.The majority of people have less than $1000 saved for retirement and 50% have saved exactly nothing. ” says Steve Wilbourne, Founder & CEO Questis, “The time for change is now — and that change starts with technology. We believe that people should have access to personalized, holistic, simple financial experiences, and that people will access this benefit in the workplace, namely via their retirement plan advisors.”
This piece describes how the 401(k) came to dominate employee benefit retirement planning in a way that its creators never envisioned, and suggests that consultants should consider offering genuine financial wellness programs which include 401k plans, rather than selling 401k plans with ineffective financial education added on as an afterthought.
To read the full release, click here.
About the Author & Questis
Martha Menard, PhD is a senior researcher for Questis. Questis is a configurable financial wellness technology (finwelltech) platform that allows retirement plan consultants to offer their clients digital financial wellness programs quickly and at scale. Whether you need to amplify your existing offering or build one from scratch, Questis offers the ability to choose the model that works best for your business. With custom branding, content packages, support offerings, integrations with existing tools and more, no matter your model, Questis is the foundation to any wellness program. Learn more at myquestis.com.