Is One-on-One Financial Planning Better Than Other Delivery Modes?


Arizton’s recent market research report on the US financial wellness industry provides a comprehensive industry study, competitive analysis, and trend forecasts. The research study segments the market by type (financial planning, financial education and counseling, retirement planning, debt management, and others), end-users (large businesses, medium-sized businesses, and small-sized businesses), and delivery (one-on-one, online/digital, and group).   

The US financial wellness industry is anticipated to reach revenues of over $800 million by 2024, growing at a CAGR of more than 12% during 2018–2024.

Prudential Financial, Bank of America Merill Lynch, Fidelity, Mercer, and Financial Finesse are identified as the leading vendors that are likely to dominate the US financial wellness industry during the forecast period. The meaning of financial wellness to the millennial generation is leading a debt-free life and ability to meet all expenses and for generation X it signifies stress-free with regards to finance and the ability to spend money on care-free life.

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This report includes a detailed segmentation of the US financial wellness industry by type, end-users, and delivery.

The financial planning segment to dominate the US financial wellness industry

The financial planning includes assistance and advice on budgeting, devising investment strategies and long-term planning of finances. Employers consider retirement readiness is the most important financial planning but more than 88% of employees want to focus on financial planning that is not related to retirement. Nearly 30% of employers are offering one-on-one financial planning that focuses on obtaining a mortgage; managing debt; retirement planning; and mitigating financial risk via life and other types of insurance and disability income. Edukate addresses nine issues of employees who are tight on cash might be working on from purchasing a vehicle to managing credit to buying a home/estate planning to budget & managing credit among others. Korving & Co. also offers a CFP-provided series of programs that are designed to educate participants about investing, debt, and retirement income planning. Younger workers are keener on budgeting tools and resources than older workers. From an employer perspective, 45% of them feel that these programs have a lower level of perceived effectiveness in terms of increasing worker productivity.

The medium-sized businesses to grow at a lucrative CAGR during the forecast period

The medium-sized business is likely to have an incremental growth of over $150 million during the forecast period. It constitutes of more than 35% of the market share. Financial wellness benefits are gaining momentum as an economic way to attract and retain employees with nearly 70% of employers offering it to keep their workers happy. Digital platforms and information are combined to offer financial guidance and work independently of other providers of financial services in these businesses. The top criteria for the selection of financial wellness vendors are the price tag, ROI, effortlessness of implementation, expertise, and experience. The grand entry of several new players such as Hellowallet, LearnVest, SmartDollar along with non-profit providers such as Enrich and GreenPath Financial Wellness has been responsible for infusing new meaning into financial wellness and creating a pull in the market.

The One-on-one delivery segment is likely to be the top revenue contributor in US financial wellness industry

The one-on-one delivery segment occupies almost half of the US financial wellness industry, growing at a CAGR of around 13%. Personalized financial counseling is growing at a more rapid rate than digital and online solutions since advisers can easily adapt to the needs of every employee. They are particularly popular in workforces with highly diverse employees. This form is delivery is done via personal and phone consultations with money management experts and often combined with web-based platforms or classroom sessions. One-on-one sessions are also highly common for debt management and credit counseling apart from personalized financial counseling.

A few other prominent vendors in the US financial wellness industry are Aduro, AYCO, Beacon Health Options, Best Money Moves, BrightDime, DHS Group, Edukate, Enrich, Even, Financial Fitness Group, HealthCheck360, Health Advocate, Money Starts Here, PayActiv, Purchasing Power, Ramsey Solutions, Sum180, and Transamerica.

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The complete overview of the latest market research report on the US financial wellness industry by Arizton is now available.

The report offers a detailed study of major trends, drivers, challenges, and provides the market size and forecast for major geographical regions and key countries.

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