Employers are almost unanimously shifting to an approach of total “well-being” that includes emotional and financial well-being, rather than the traditional approach, which only addressed physical health, according to a survey from Shortlister of the well-being subject matter experts at the nation’s top employee benefits consultants.
Ninety percent of total respondents (17% more than last year) said this strategy is more prevalent this year than the previous year. Eighty-one percent of respondents said adding more niche solutions (e.g., diabetes management, financial wellness, etc.) is more prevalent this year.
Two out of three respondents reported an increased demand in:
Prioritizing wellness/well-being initiatives as a strategic business objective;
Looking for a platform/hub partner to thoughtfully integrate their benefit initiatives; and
Mobile-first or native mobile apps to improve member access to wellness resources.
“One factor that surprised us was seeing how these trends are accentuated in the large employer market” says Joe Miller, president of Shortlister. “Large employers are driving the demand for the emerging well-being solutions, such as financial wellness and stress or resilience programs. Small and mid-sized employers are later on the adoption curve and the market is slow to provide solutions to these down-market employers.”
One of the primary areas that the experts predicted would help bolster the effectiveness of well-being programs, was in the approach to employee engagement. Fifty percent of respondents indicated this was a key area of impact, as employers turn away from the “wellness” moniker and look to adopt a more holistic approach to employee health, engagement and emotional well-being.
The findings of this survey are contained in the Shortlister Well-being Industry Prospectus 2017 report, which may be downloaded from here.
HealthSavings
Administrators appoints industry vets to national sales team; The
Standard hires plan consultant; American Benefits
Council names new board leader; and more.
Goldman Sachs Asset Management (GSAM) has entered into an agreement
to acquire a portion of Verus Investors’outsourced chief investment officer(OCIO) business. The transaction is expected to close by mid-year 2017. Terms
were not disclosed.
OCIO will
become a part of GSAM’s outsourcing solutions business, which provides customized
solutions including asset allocation, portfolio construction and risk
management to various clients including corporate pensions, endowments and
foundations, and insurance providers.
Verus
Investors provides customized investment and risk management solutions to institutional
clients. Based in Seattle, it has been a subsidiary of the Verus Advisory investment firm since 2011. Verus Advisory will
retain its mid-market OCIO practice.
Verus Investors CIO Jeffrey Scott will join GSAM and
bring with him several team members with decades of experience. They will be
based in existing Goldman Sachs offices in New York and Seattle.
“We’re
committed to growing our outsourcing business to meet our clients’ growing
needs,” says Timothy J. O’Neill and Eric S. Lane, co-heads of the
Investment Management Division at Goldman Sachs. “The Verus team’s wealth of
expertise and experience with risk management complements our existing
outsourcing business.”
GSAM is the
asset management arm of the Investment Management Division in The Goldman Sachs
Group, which oversees $1.38 trillion in assets under supervision as of December
31, 2016.
Verus is an
independent, employee-owned provider of non-discretionary consulting and
discretionary management services to a wide variety of institutional investors
representing more than $333 billion in assets as of December 31, 2016.
NEXT: HealthSavings Administrators Appoints
Industry Vets to National Sales Team
HealthSavings
Administrators Appoints Industry Vets to National Sales Team
Stewart
Gooding joins HealthSavings Administrators team as its national sales director. He
comes to the firm from FPA Trust, where he served as national sales director
for the IRA rollover program. Beforehand, he spent more than 2 years in the
retirement services industry. Past roles includeregional sales director for Third Party Distribution of
Not-for-Profit Plans with AIG/VALIC, and senior vice president of PLANSPONSOR's
Client Services and Pathfinder Divisions.
“I’m
thrilled to lead the HealthSavingsnational
sales effort,” says Gooding. “My work with plan sponsors over the years has
emphasized the importance of including investment HSAs as part of a comprehensive retirement planning and
benefits package. I’m excited to have the opportunity to spread the word.”
Danny
Streiff will lead National Platform Development. He will be
tasked with working with banks, recordkeepers, third-party administrators
(TPAs), and wealth management firms on developing customizable private label investment HSAs. Streiff is the
former founder and president of Matrix Communications Technologies (now part of
Broadridge). He started MCT in 2003 and sold it to Matrix Financial Solutions
in late 2007. Most recently, he served as senior vice president of sales at
VWISE.
Mark
Berman will head National
Business Development, working with registered investment advisers (RIAs) to
provide customized investment HSA solutions to their clients. Berman recently
worked in business development for Handler Investment Consulting Group, a
Raymond James office in Beverly Hills.
HealthSavings President
Kirk Hoewisch says, “We’re
assembling a great team—one that’s focused on the investment and retirement
benefits of HSAs. This is an exciting time for our company, and I’m looking
forward to expanding our national reach.”
NEXT:The Standard Hires Plan
Consultant
The
Standard Hires Plan Consultant
Kate
Tubesing has joined The
Standard as a retirement plan consultant for its East Sales Region. She is
based in the firm’s Cincinnati retirement plans sales and service office.
Tubesing has more than 20 years of experience in the
financial services industry with an emphasis on retirement plans. She has
worked for Nationwide and Fidelity, where she most recently served as the
firm’s managing director of client relationships.
“Kate’s deep experience as a relationship manager,
plan administrator, investment representative and plan education consultant
make her uniquely qualified to serve as a resource to our adviser partners and
their clients,” says Mark Bransford,
regional sales director for The Standard’s East Sales Region. “With a keen
understanding of plan sponsor and adviser needs, Kate is known in the industry
for her ability to build and strengthen retirement plan relationships.”
Tubesing also served as an E4 Specialist in the U.S.
Army, where she received an honorable discharge. She holds the Series 7, 63 and
65 securities licenses.
NEXT: American Benefits Council Names New Board
Leader
American Benefits
Council Names New Board Leader
The American
Benefits Council has announced the new leader of its Board of Directors. Allison
R. Klausner will step in as Board Chair. She is principal at Conduent
and government relations leader for the company's HR Services Knowledge
Resource Center.
"This is a landmark year for the American Benefits
Council," says president
James A. Klein. "Our 50th anniversary year aligns with seismic change
in health, retirement and tax policy. Allison's extensive experience as a
senior benefits professional in corporate America, coupled with deep knowledge
of the policy process and contagious enthusiasm for the Council's mission makes
her an exceptional leader at this critical time.
"Allison inherits an organization that continued to
thrive under the stewardship of outgoing chair Bob Holcomb, Empower
Retirement. With Bob's leadership, we expanded our communications and
membership efforts while maintaining the Council's reputation for thoughtful,
nonpartisan advocacy on behalf of employer sponsors of benefit plans,"
Klein says.
Also joining the Board are Vice ChairJeffrey
Mains, assistant vice president, health plans, AT&T; Vice ChairVincent Kerr,
president, care solutions, and chief clinical officer for national accounts,
UnitedHealthcare; TreasurerMarianne McManus,
director, benefits services team, IBM Corporation; SecretaryTresia
Franklin, director, rewards and employee relations, Hallmark Cards,
Inc.
"Our more than 400 member organizations and the nearly
7,000 benefits professionals within those organizations are the lifeblood of
the Council and illustrate the vitality of the employer-sponsored benefit
system," Klein says. "Our board leaders are nationally recognized
benefits professionals. It is a privilege to work with them and on their behalf
to improve the health and financial well-being of America's workforce."
NEXT: Alliance
Bernstein Hires Global Director of Research