Amanda Schiavo

“The mindset has shifted in terms of how we need to be able to lead and support a virtual workforce,” says Edward Jones CHRO Kristin Johnson.

The majority of U.S. workers do not have enough savings to help them in the event of a medical emergency and often turn to their retirement funds for help.

One of these snags is taxation on clients’ retirement income, which can hurt their cash flow.

“We believe every single employee of a company should have access to advice,” says Stephen Ulian, head of institutional distribution at Bank of America.

“Tackling student debt is vital today if we hope to set employees up for long-term financial success,” says Scott Whatley, president of E-Trade.

“If retention is an important factor for an employer, financial wellness is quite worth the investment,” one benefits consultant says.

Underestimating their needs, many make decisions that are suboptimal or worse.

Under the Labor Department’s final regulation, firms in different industries will be allowed to establish a joint retirement plan provided they operate in the same state or metropolitan area.

Prospects are further aggravated by the disappearance of pension plans and the financial woes facing Social Security.

Clients have to increase their risk exposure to ensure they don’t outlive their savings.