Company appoints chief financial wellness officer to lead
business-wide efforts
Prudential Financial, Inc. (NYSE: PRU) 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. The new solutions also
build on Prudential’s market-leading position as a provider of
401(k)s, pensions, and group life, disability and voluntary
insurance offerings.
“The workplace is the front line of financial wellness,” said
Andy Sullivan, Prudential’s head of Workplace Solutions. “It’s the
place where millions of Americans make decisions that have a
significant and lasting effect on their own financial health, and
their contributions as employees. That’s why more employers are
thinking holistically about financial wellness. They recognize that
saving for retirement is just part of the picture and that
employees need help tackling lots of different challenges in their
financial lives, both short and long term. We are laser-focused on
partnering with our customers to design financial wellness programs
that deliver two things: behavior change and business results.”
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. In addition to the
emergency savings and budgeting solutions it already offers,
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. Prudential is partnering with Vault, an
Austin, Texas-based student loan technology benefits firm, to
provide this service.
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. Employees can also
receive a complimentary evaluation of their financial needs,
priorities and goals.
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.
“Each person’s journey to financial wellness is deeply personal
and constantly evolving,” said Judy Dougherty, who was recently
appointed Prudential’s chief financial wellness officer. “We all
face pivotal financial decisions throughout our lives, when the
choices we make have the potential to either put us on a track
toward financial health or derail us. This insight has guided our
work on new solutions that are designed to be as in sync as
possible with our customers’ lives. From digital experiences to
coaching and in-person advice, our goal is to meet our customers
where they are, and to help them to make informed decisions that
establish and sustain their financial wellness over a
lifetime.”
To learn more about Prudential’s Financial Wellness offerings
for the workplace, visit
prudential.com/employers/financial-wellness.
About Prudential Financial, Inc.
Prudential Financial, Inc. (NYSE: PRU), a financial services
leader with more than $1 trillion of assets under management as of
Dec. 31, 2018, has operations in the United States, Asia, Europe,
and Latin America. Prudential’s diverse and talented employees are
committed to helping individual and institutional customers grow
and protect their wealth through a variety of products and
services, including life insurance, annuities, retirement-related
services, mutual funds and investment management. In the U.S.,
Prudential’s iconic Rock symbol has stood for strength, stability,
expertise and innovation for more than a century. For more
information, please visit news.prudential.com.
LINK by Prudential is an umbrella marketing name for Prudential
Customer Solutions LLC, an SEC-registered investment adviser,
Prudential Annuities Distributors, Inc. and various subsidiaries of
The Prudential Insurance Company of America.
Certain offerings and content are sponsored by Prudential
Workplace Solutions Group Services, LLC (“PWSGS”). PWSGS is an
affiliate of Prudential Financial, Inc. PWSGS is not a licensed
insurance company, does not provide insurance products or services,
and does not provide investment or other advice. Certain offerings
not available in all states.
Student loan assistance services are provided by Student Loan
Benefits, Inc., doing business as Vault. Vault is a third-party
provider that is independent from Prudential and its subsidiaries.
Access to Vault student loan assistance services is provided
through PWSGS.
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MEDIA:Monique
Freeman973-802-3745monique.freeman@prudential.comTwitter:
@MoniqueR_PruPR
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