Prudential Expands Financial Wellness Capabilities Available Via Employers
On April 11, 2019, Prudential Financial, Inc. announced the introduction of a range of new financial wellness solutions to help address the most pressing financial challenges facing American consumers. The solutions, which will be available via employers, will help individuals manage student loan debt, navigate job changes, access financial coaching and develop a personalized financial roadmap.
The new capabilities build on Prudential’s existing financial wellness offerings, including the company’s digital financial wellness platform, which has been deployed to more than 7 million individuals across more than 3,000 organizations, and Prudential Pathways®, the company’s on-site financial education program, which has been adopted by nearly 600 employers.
Prudential is introducing the following new solutions in the workplace:
Expanded digital and on-demand solutions
Prudential’s innovative workplace financial wellness platform now includes LINK by Prudential, an interactive, personalized resource that enables people to identify their most important financial milestones and create a path toward achieving them. Already available to individuals through Prudential’s website, employees can use LINK to create an online personal profile and establish goals like building an emergency fund, insuring loved ones, saving for retirement or purchasing a home.
LINK by Prudential leverages AI technology, allowing employees to integrate their existing Prudential retirement accounts and non-Prudential financial accounts to help round out their financial wellness roadmap. The LINK experience enables employees to be self-guided, work with an investment advisor via video chat or phone or meet in person with a financial professional from Prudential Advisors.
Prudential is also expanding its financial wellness engagement capabilities to include a financial coaching service, available via phone and one-way screen share. This coaching service is designed to help individuals learn about and adopt healthier financial behaviors, such as developing and sticking to a budget. The service is being piloted with selected employers.
Expanded needs-based and life event solutions
The company is adding several new solutions that focus on specific life events and customer needs. Prudential is launching Student Loan Assistance, an online resource that enables individuals to evaluate student loan consolidation and repayment options, and allows employers to make one-time or ongoing repayment contributions.
The company is also introducing PruPassages SM, a new program that helps people make more-informed decisions and maintain financial wellness during a job transition. As part of the service, a licensed financial professional from Prudential Advisors proactively reaches out to employees to offer guidance on their options to continue life insurance coverage.
In addition, Prudential is providing new beneficiary services for individuals who have just lost a loved one, with an easier claim process and resources to help guide their decision-making. These new capabilities include digital submission of claim forms, text and email status alerts, and online resources that help beneficiaries navigate tasks like planning a funeral and managing their loved one’s financial and social media accounts.
To learn more about Prudential’s Financial Wellness offerings for the workplace, visit prudential.com/employers/financial-wellness.