Have you taken time to consider whether your employees are confident regarding their future retirement prospects? A recent survey reminds us that, across the country, those confidence levels have fallen. It also reminds us that people still prefer to work with people.
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We recommend that you scan the summary of Capital One’s “Financial Freedom Survey” and take special note of the following trends:
  • Limited knowledge and experience, and lack of trust and transparency, continue to hold many Americans back. The top factors impacting Americans’ confidence in investing are lack of knowledge and experience (51%), distrust of the markets and financial industry (49%), lack of pricing transparency (45%), and investing complexity (42%). Those factors outweigh the common misperception that budgetary restrictions are the greatest barrier to saving and investing in the market.
  • Digital tools are useful, but human advice is critical in times of uncertainty. When markets are volatile, 74% of investors would prefer engaging with a financial advisor.
  • Having access to a financial advisor would provide financial peace of mind to many Americans – with Millennials surprisingly leading the way. Roughly 2/3 of those surveyed believe access to a financial advisor can improve financial peace of mind. Among various age groups, Millennials (78%) are most likely to hold that belief.
This survey provides continued evidence of the need to think deeply about what your workers need, what they want, and how they want it. The development of online tools continues to help with the need to inform employees. Yet even in this age of staring at screens, employees – including Millennials – still prefer to look a person in the eye when handling their financial needs.
Matt Eickman

Matt Eickman

Full Bio

Matthew loves to write. He also loves to think, though he’s probably a better writer than a thinker. He does not like to be on camera or in videos. This blog will allow him to write, challenge his ability to think, and, from time to time, test him with video blog entries.

He has a unique blend of legal and practical experience that helps us to serve our clients well. On the one hand, he has more than 12 years of private legal practice experience focusing exclusively on employee benefits, including time as a partner in an employee benefits boutique where he has represented clients in front of the DOL and IRS. On the other hand, he holds his FINRA Series 7 and 66 registrations and serves as the Director of ERISA Services for Qualified Plan Advisors.

Matthew likes to stay active. He provides fiduciary training, Investment Policy Statement design, and vendor oversight to our clients. He is an active member of the Employee Benefits Committee of the American Bar Association Tax Section, serving as Chair of the Defined Contribution Plans Subcommittee. He also has been appointed to the IRS TE/GE Gulf States Council and is a frequent speaker on regulatory developments, fiduciary responsibilities, and retirement readiness.

Most importantly, he stays active with his family. His wife, Laura, is the founder of REbeL, Inc., a not-for-profit organization. His three young boys are mixed up in far too many sports, and they enjoy traveling, watching college football, running with Dad, and rooting for the Huskers.
Matt Eickman
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