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Fee Disclosure - Communicate Your Values As You Reveal Your Fees
- 1. Communicate Your Values As You Reveal Your Fees Best Practices for a Fee Disclosure Communication Strategy July, 26 2012 Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 2. The Participant Perspective Employees care deeply about retirement security benefits. The percentage focused on retirement security increased from 23% to 52% over the past 10 years.1 70% of employees who are satisfied with their benefits are satisfied with their jobs, but only 23% of those dissatisfied with their benefits are satisfied with their jobs.1 Benefits Satisfaction = Job Satisfaction 1MetLife’s Annual Study of Employee Benefits Trends Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 3. Don’t Just Disclose – Educate! Focus attention on the value given and received. Improve dialogue through transparency. Educate to increase your value and create advocates for your service. Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 4. A Practical Template for Plan Education Proactive discussion of fees should put plan costs into the context of the plan’s value proposition. Explain benefits of plan services and features. Explain expenses incurred to provide services and features. Define fees collected and provide rationales. Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 5. How Much Do We Remember If We … Participate in an activity (100%) Simulate the activity (90%) Teach the activity (70%) Watch demonstration (50%) Watch video (40%) View pictures (30%) We learn through a combination of: Hear words (20%) Action Visual Read (10%) Verbal Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 6. Your Plan Participant Experience Should Incorporate Multiple Mediums and Formats Single destination Quarterly site for plan newsletter with Online QR codes to participants. newsletter drive drives participants participants to online. website. Participants can Goal: blend of learn about written and visual Participants investing, and make materials to browse website from iPad, transactions from the same address multiple Smartphones. website. learning styles. Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 7. The Changing Customer Across all demographics, users are accessing Web content via mobile and tablet devices. Are you reaching your customers in the ways they want to be reached? Track participant engagement and Return on Investment: Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 8. Our Solution for Disclosing Designated Alternative Investment Fees 404(a)(5) and 404(c) Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 9. Plan Participant Fee Disclosure Microsite We offer a plug-and-play microsite that meets 404(a)(5) and 404(c) requirements and provides interactive education in multiple learning formats. • Provide timely content that educates, advises, and inspires. • Supplement with additional content (i.e., our fee expense calculator). • Comparative chart displays all DOL requirements and provides access to FINRA-reviewed fact sheets and e-summary prospectuses. • Use as a stand-alone destination site or integrate with your website. • Measure ROI with detailed tracking. • Compliance review prior to publishing. Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
- 10. A Complete Solution: • Best practices • A personalized message • Audience segmentation • Drive action Marketing Communication Tools Marketing Communication Tools Investor Education Investor Education Retirement Plan Solutions Retirement Plan Solutions
Editor's Notes
- Effective messaging campaign design starts with understanding what audiences care about. In other words, what are the themes they will feel in their guts and how to talk to them.Even among the youngest adults, (Generation Y / Millennials / Echo Boomers) growing majorities put retirement financial security front and center on their lists of concerns. The percentage focused on retirement security increased from 23% to 52% over the past 10 years, according to MetLife’s Annual Study of Employee Benefits Trends. The same study found 70% of employees who are satisfied with their benefits are satisfied with their jobs, but only 23% of those dissatisfied with their benefits are satisfied with their jobs.
- Best practices – from our editors to our developers – our team is well versed on how to write and design content to be easy-to-read, intuitive, and appealing to multiple learning styles. A personalized message – from print campaigns to targeted emails, reaching your participants on an individual basis to strengthen participants connection with their plan.Audience segmentation – allowing you to reach out to participants who are not currently contributing, or contributing at a low level, with a targeted message. Drive action – through the use of ‘calls to action’ that allow for in-context linking to the plans recordkeeping system, or additional resources that will further refine the message.