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The Promise Of Financial Wellness: The Battle To Deliver - Competition In The Financial Wellness Marketplace Will Continue To Accelerate, Driven By Fintech Innovation And The Pandemic, According To A New Aite Group Report.

Date 12/11/2020

Over the last two to three years, providers of employer financial benefits, particularly retirement plan providers, have enhanced their offerings to include financial wellness capabilities. Employers have been receptive to these solutions, which can assuage growing employee financial stress, and the pandemic is catalyzing increased employer interest in these solutions. The latest Aite Group report, The Promise of Financial Wellness: The Battle to Deliver, explores the trends driving financial wellness strategies as well as the objectives and core components of these solutions. 



“The demand for financial wellness in the workplace is a significant opportunity for wealth management firms and other financial services firms to offer much-needed comprehensive financial guidance to all Americans while building deeper and enduring client relationships,” states Sophie Schmitt, senior analyst at Aite Group. “Competition in the financial wellness marketplace will continue to accelerate, driven by fintech innovation and the pandemic, and successful firms will be able to demonstrate improvements to employees’ short-term financial challenges in addition to their retirement readiness,” she explains.

This report reveals the landscape of providers that aim to address the financial guidance needs of all Americans across all wealth levels. The research is based on 25 in-depth interviews with a variety of financial wellness providers in the wealth management, defined contribution retirement plan, banking, healthcare, and employee benefits markets.