Looking for a way to exceed the expectations of your retirement plan clients? Help them build a better retirement plan? And differentiate yourself in the process by becoming an advocate for retirement plans that work. The potential benefits are big — for the plan sponsor, for the plan participants and for you.
Change the conversation
Why should you become an evangelist for plan changes when investment options and fees are the usual topics of conversation? By changing the conversation to plan outcomes, you can stand out from the crowd. As plan assets grow, you can benefit financially. When plans are successful, that deepens relationships and can mean greater potential for cross selling opportunities. Finally, contributing to greater retirement security of this nation’s workers is the right thing to do.
With the EBRI Retirement Confidence Survey 2013, 2012 reportinh that nearly half of American workers have less than $10,000 in retirement savings, it needs to be done.
Building a better retirement plan is a goal that’s within easy reach of most employers. We know from behavioral science that simple plan design changes can put inertia to work for employees. Plan features — including automatic enrollment of at least six percent, automatic escalation of at least one percent and stretching the employer match with a formula that incents employees to defer at higher levels—help participants be more prepared for retirement.
First, though, you have to get the plan sponsor’s buy-in. These steps can help.