We traveled to Houston last week to visit with plan sponsors who are seeking additional solutions to reach their employees. The conversations demonstrated a common theme: despite the development of additional electronic tools, people want to talk to people – particularly when it relates to their retirement.
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On the flight home, I read a summary of Legg Mason’s Global Investment Survey. I knew it was a good fit with those plan sponsor conversations once I saw the summary’s title: “The Human Touch: Irreplaceable”. Take note of the following findings within the Survey:
  • Around 60% of participants believe personal customer service is important, and that it can never be replaced with technology. 
  • Notably, that belief is held most strongly by US participants, where 76% provided that view.
  • Similarly, 79% of US respondents said that “technology is a great tool, but I still want to know there’s an expert behind it guiding me.”.
Legg Mason sticks the landing with this final observation: “While it’s important for investors to have the best tools available for some parts of the investment decision-making process, it’s the personal touch that captures the most interest of investors in the end, and could be the most likely to engender customer loyalty.” We would all be well-served to keep that in mind as we seek to increase and sustain employees’ dedication to their retirement plan savings and investment strategies.
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