To address Americans’ most pressing financial needCompany appoints chief financial wellness officer to lead business-wide efforts
April 11, 2019 — NEWARK, N.J.–(BUSINESS WIRE)–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 PruPassagesSM, 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.