Curcio Webb
Holistic Approach to Employee Wellbeing

Many organizations have not focused on creating a well-defined path to bolster their employees’ financial wellbeing. Health wellbeing was the focus for many employers in the first part of this century. Financial wellbeing is now a top priority for many organizations.

Curcio Webb, an independent employee benefits advisor, specializes in supporting clients with their employee benefit relationships including defined contribution, pension, and health & welfare administration, health care consultants, actuaries, and investment consultants. Additionally, their consultants help clients understand how financial wellbeing services can best fit into their overall benefit programs. They address their clients’ financial wellbeing needs by expertly selecting solutions from a wide array of independent providers.

“The overlap between all the benefits provided by employers can leave participants confused about where to turn next. Through our expertise and holistic understanding of everything related to benefits, Curcio Webb helps employers achieve outcomes by connecting each of their providers and benefits in a cohesive way that improves the employee and plan sponsor experience.” says Alex Curcio, analyst, Curcio Webb.

Because there are countless definitions of financial wellbeing, and the marketplace is constantly evolving, Curcio Webb uses a broad approach to help clients initially understand the marketplace by gathering information from potential providers, often issuing requests for information or proposals to understand the provider’s services. As discussions progress and collaboration with various service providers commence, the focus sharpens, and clients are in a better position to define their requirements and priorities.

The center of Curcio Webb’s approach is understanding each client’s organizational culture from the outset. This in-depth understanding is the foundation for creating personalized solutions that align with the client’s unique cultural context, fostering stronger employee adoption and appreciation.

Employees today face varying financial challenges. One of Curcio Webb’s clients is dealing with a widespread problem where numerous employees are withdrawing loans from their 401(k) accounts. This issue stems from communication in certain geographic regions that the 401(k) can be used as a checking account. Curcio Webb collaborated with an independent provider of financial wellbeing services. It established a connection between the 401(k) vendor and the wellbeing service provider to encourage the opening of emergency savings accounts and consult participants on the downside of taking a 401(k) loan. It will take time to measure the progress. However, Curcio Webb is optimistic that by establishing these services, their client will see a reduction in the number of new loans.

Another client did not believe that the financial wellbeing services provided by their 401(k) recordkeeper were objective and independent. As a result, they chose to select an independent financial wellbeing provider that could fit into the 401(k)-administration experience relatively seamlessly and provide objective education and coaching.

In an industry with a relatively short history, Curcio Webb recognizes the importance of establishing clear and tangible measures to showcase how specific financial wellbeing services positively impact individuals’ lives. Curcio Webb’s approach goes beyond financial considerations, also evaluating outcomes related to an individual’s health. Curcio Webb believes that the future for financial wellbeing must include creating an ecosystem to assess the impact on health claims tied to financial security, and financial security to health claims. This will require sophisticated data analytics capabilities, all while ensuring the utmost employee confidentiality.

Currently, the metrics used to assess program effectiveness are limited, focusing mainly on user logins and interactions, which fail to capture crucial elements like increased personal savings or contributions to emergency funds. Overcoming these complexities is crucial to secure support from key decision-makers and enhance the service’s credibility and long-term effectiveness.

Curcio Webb’s resolute mission is to lead the industry toward holistic measurement, showcasing the effectiveness of financial wellness services through comprehensive metrics that highlight positive outcomes for individuals in financial and health aspects.