Financial wellness

“What this tool does uniquely is it takes the depersonalized delivery of benefits and really helps the individual determine how best to get the most out of their benefits,” says Voya’s Andrew Frend.

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

Retirees can reverse their claiming decision, but not without considering one important caveat.

The accounts will be managed through Wealthscape, allowing advisers access to their client’s finances to help manage rising healthcare costs.

While many workers don’t have access to pension plans, annuities can provide a source of guaranteed retirement income and address longevity risks.

The wirehouse's investment bank is hoping the tool will give employees the resources they need to be smarter with money.

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