Five Corporate Financial Wellness Mistakes to Avoid

Four Seasons Financial Education provides five avoidable mistakes when implementing a corporate financial wellness initiative.

March 18, 2014 -

Four Seasons Financial Education today announced five avoidable mistakes which often occur when companies first implement financial wellness initiatives. "First impressions are everything," says company President, Travis Freeman. "Neither employees or management want to see a wellness program fail, so learn from the mistakes others have made and start strong," says Freeman.

Watch for the wolf in sheep's clothing A financial wellness program must include some type of financial professional such as a CFP. However, even someone with impressive credentials may be trying to sell products under the guise of "financial wellness." Be sure to check their broker/dealer. A broker/dealer is an entity through which the professional does business. If the broker/dealer is affiliated with any companies that produce products, such as insurance or investments, then consider avoiding this professional.

One-time programs Financial wellness is a process, not an event. If you try a single program and call it quits, you likely won't make any progress. Target one to three years for a return on investment.

Include leadership A financial wellness program that is only directed at "rank and file" employees will look like a job requirement, not a perk. Successful programs start with top leadership. It's good to include the intern, but don't forget about the CEO.

Don't be afraid to spend a little dough Free "lunch and learn" programs are better than nothing, but free is free. The ROI from optional free lunch and learns will be low. Try a program that's on company time or use a fee-for-service vendor the specializes in financial wellness programs.

Forgetting to measure ROI After work has been put in to implement a successful financial wellness initiative, it's easy to indefinitely postpone the ROI step. However, this can be the most important part. Try using a combination of metrics such as surveys, 401(k) deferral changes, and other benefits utilization such as FSA or HSA plans.

About Four Seasons Financial Education

Four Seasons Financial Education provides workplace financial wellness and education services to companies throughout the US in an effort to improve their bottom line. We take a strictly academic approach to financial education and focus on the core areas of personal finance, thereby seeking to increase employee productivity and organizational performance. Securities and advisory services offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC.

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