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Participant Education

“Inertia and procrastination are tough obstacles to overcome, and the great majority of people fail to do anything, even when they know it is the right thing to do, and even when they say that they intend to act. Information is made vastly more valuable if it is accompanied by the means to take action, right now.”
Shlomo Benartzi, “Save More Tomorrow: Practical Behavioral Finance Solutions to Improve 401(k) Plan”, 2012.

Participants need more relevant information They need personal attention – not just a website. That is, face-to-face, personalized education from a team of financial advisors that provides participants with the knowledge and comfort necessary to make effective savings decisions geared toward greater retirement readiness.

Challenge Education Solution Benefit
Vendor Reliance on Websites In-Person Education Improved Participation and Ongoing Engagement
Poor Plan Understanding Explanation of Plan Features Increased Deferral Rates
Living “Paycheck to Paycheck” “Power of Saving Today” Saving at Earlier Age
Underestimating Future Needs “Gap Analysis” Employees Getting on Track

In our experience, higher participation and deferral rates result from in-person education regarding the plan’s features and the importance of beginning to save now. Further, the in-person delivery of gap analysis reports provides an understandable roadmap for getting on track toward retirement and developing better overall financial wellness.

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