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401(k) Participant Engagement

  1. 401(k) Participant Engagement
  2. The goal Personal communication with participants Effort
  3. Easy Inexpensive Personal One-on-one meetings ✓ Group meetings ✓ Phone calls ✓ Webinars ✓ Personal emails ✓ ✓ Automated emails ✓ ✓ Handouts ✓ ✓ Personalized reports ✓ ✓ Participant interactions
  4. One-on-one meetings Pros: ● Delivers the best participant outcomes Cons: ● Time-consuming ● Do not scale Group meetings Pros: ● You meet participants <> Participants meet you Cons: ● Participants are not comfortable asking questions ● Content is not personalized ● People might tune out
  5. Phone calls Pros: ● Speak with participants directly ● End with a positive result for the participant Cons: ● Often are questions that should be directed to recordkeeper Webinars Pros: ● Centered around specific topics ● Scales to many participants ● No time constraint (can be recorded and played later) Cons: ● Like with group meetings participants might be afraid to ask questions
  6. Personal emails Pros: ● Personalized advice is more likely to be acted upon ● Asynchronous (you can respond when your schedule permits) Cons: ● Do not scale Automated emails Pros: ● The simplest way to reach participants Cons: ● Likely to be ignored
  7. Handouts & mailings Pros: ● Easily deliverable ● Satisfy requirements Cons: ● Easily ignored and discarded ● Often not relevant (e.g. most people do not hit contribution limits) ● Expense and waste Personalized reports Pros: ● Great discussion pieces ● Inspire action Cons: ● Time-consuming to produce
  8. Engagement drives business results Engaged participants Better metrics Better participant outcomes Win more clients
  9. Why use metrics? You distinguish yourself on: ● Price ● Service ● Reputation With metrics you quantify why you are better than competitors which makes the plan sponsor's choice easier.
  10. 401(k) metrics Metrics today: ● Participation rate ● Actual Deferral Percentage ● Actual Contribution Percentage ● AUM Metrics tomorrow: ● Retirement readiness rate ● Participant engagement rate ● Financial wellness
  11. Retirement readiness rate Number of participants projected to meet their retirement income goal Total number of participants
  12. Participant engagement rate (PER) Participants who: You have met with -or- Had a phone call with -or- Who opened an email -or- Logged into their account Total number of participants PER is bounded by a timeframe. Your annual PER will be larger than your quarterly PER.
  13. Financial wellness The CFPB defines financial wellness as: A state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow enjoyment of life. We define financial wellness as: Being financially prepared for all major life events up to, and including, retirement.
  14. How do you measure financial wellness? Financial wellness is composed of many different components that need to be measured individually. (e.g. budgeting, emergency savings, debt, insurance, estate planning, etc.). How do we measure financial wellness? We have developed a 100-point score that measures a participant's overall financial wellness by weighing the individual components based on the participant's profile. We can report on that across a plan or your whole book of business.
  15. "If you can't measure it, you can't improve it." - Peter Drucker With WorkPlay401(k) you: ● Have a branded financial wellness portal ● Increase participant engagement ● Make automated emails and handouts personal and make personalized emails and reports easy ● Get metrics for use in plan reviews and proposals ● Set yourself apart from your competitors WorkPlay401(k) Participant Engagement Management
  16. Find out more Find out more information and schedule a demo. Web: Email: Phone: (323) 628-4015