Morgan Stanley revamps financial wellness program
The bank expanded its program from C-suite executives to employees who need help planning for their futures.
Morgan Stanley’s wealth management unit has upgraded its financial wellness program in a move designed to help employees meet their financial goals.
About 53% of U.S. workers are stressed about their personal finances, according to accounting and consulting firm PwC, and around 48% of those employees considered financial stress to be a major work distraction. Morgan Stanley’s revamped platform aims to take aim at this problem.
Prior to the upgrade, Morgan Stanley’s financial wellness programs were only available to client executives, whose workforce can now enjoy the benefit. The program, called Morgan Stanley Financial Wellness, currently serves 42 mid- to large-sized companies. Morgan Stanley anticipates its other corporate customers will be interested in the program as well.
Users will be able to navigate a digital library of more than 80 financial advice articles and videos, covering topics such as retirement, investing, college planning, estate planning and taxes. To assess an individual’s financial situation, the online portal offers a 12-question financial wellness survey that can identify areas of improvement. The survey results may help Morgan Stanley craft customized webinars or on-site seminars for their clients’ employees.
“People are not saving enough,” says Edward O’Connor, head of Morgan Stanley financial wellness and corporate retirement. “We’re in a position to help educate and form a plan for success.”