How do you juggle the competing goals of paying off student loans while saving for retirement? Or reducing debt while buying a home? Our whitepaper, Why the retirement industry needs to step up its game, discusses how engagement and education are key to reducing financial stress.
As plan sponsors make changes to engage participants and employers, they have found that a holistic approach to financial planning can engender greater participant loyalty and engagement with retirement planning, leading to increased plan assets and lower administrative plan costs. A holistic approach allows for more flexibility in reaching both short- and long-term goals, meaning that participants are able to focus on their overall financial wellbeing without sacrificing their retirement objectives.
But expanding the scope of content isn't enough. To make participants feel less stressed and more empowered about their financial planning, plan sponsors need to elevate the participant experience. Many people have grown accustomed to friendly, tailored and responsive digital experiences in their online lives, and expect the same experience from their financial planning tools. One of the obstacles to creating that experience is the generation spread among participants. Participants now range in age from early 20s to early 70s, and each generation has its own preferences for how to receive and consume content. To adapt to those preferences, sponsors need to transform how they educate and engage with participants.
While a sponsor might have the resources to build in-house solutions, third-party resources tend to be more cost-effective. SS&C's Learning Center enables sponsors to drive participant engagement through a digital, responsive, interactive, multi-format content experience. The Learning Center evolves as participants interact with the tool, learning a participant's preferences and updating accordingly.
Helping employees with their financial wellbeing can be a recruiting tool for firms, and also help increase participant enrollment, deferral rates, and plan assets. Investing in a financial well program is a valuable opportunity to drive business forward and make an impact in the lives of participants.
Retirement, SS&C Learning Institute
SS&C Technologies Holdings Inc. published this content on 16 May 2019 and is solely responsible for the information contained herein. Distributed by Public, unedited and unaltered, on 16 May 2019 17:42:07 UTC