Redefining the Participant Experience
Call us crazy, but we think planning and saving for retirement should be enjoyable and motivating for employees. After all, retirement is a permanent vacation from work, and who doesn’t love planning for vacation? Chances are most participants wouldn’t immediately think “retirement planning” and “fun” are synonymous, but at the very least using an employer-sponsored retirement plan shouldn’t be a frustrating or intimidating experience.
Many people depend on their employer-sponsored retirement plan to save for their future, so focus on building a participant experience that’s meaningful and motivating through:
- Engaging Education – Keep education relatable and interactive, as it helps employees see retirement planning in a different light.
- Wellness-Based Approach – Integrate realistic saving strategies into company-wide wellness initiatives, so employees understand how financial wellness relates to overall health and well-being.
- Focused Communication – Provide customized communication pieces that keep employees informed on key topics, plan updates and resources.
- Investment Guidance – Help employees get access to retirement plan investment guidance and recommendations for allocating their assets and diversifying.*
- Provider Resources – Align employees with provider resources that can add depth to their retirement planning experience.
- Account Support – Provide a direct resource to participants who have questions about the plan or their accounts.
- Strategic plan design – Automate certain actions, such as enrollment and deferral escalation, to make participation easy and more hands-off for employees who need a nudge in the right direction. In addition, plans can be structured to allow for employee flexibility while keeping administrative ease for plan sponsors in mind.
Breaking down the common barriers to participation through well-structured plan education and resources should help make the process of planning for retirement less overwhelming and a more enjoyable experience for employees. For more information on how to redefine the participant experience for your plan, contact a member of the AFS team.
*Note: AFS cannot issue recommendations without collected information necessary to assess risk tolerance and determine investment suitability. In addition, AFS does not advise on assets outside the retirement plan.
Securities offered through Kestra Investment Services, LLC (Kestra IS), member FINRA/SIPC. Investment advisory services offered through Kestra Ad
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