Mor­gan Stan­ley re­vamps fi­nan­cial well­ness pro­gram

Employee Benefit News - - Contents - BY KAYLA WEB­STER

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.”

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