Enjoy the recorded webinar “Innovator Award Winner Presents Financial Wellness Program” with Britt Huber and Matt Iverson. Learn how Kiva succeeded in improving employee outcomes by using iPads to better engage and boost their financial wellness.
The webinar has been broken into two sections: Presentation and Q&A, accessible through the Playlist on the right of the video.
We’re thrilled to announce that yesterday Kiva won an Innovator Award from Pensions & Investments/DCIIA for implementing Retiremap.
Kiva used custom Retiremap iPad® workshops to engage employees and then honed the communications message, based on the data that was generated.
We couldn’t be happier for Britt Huber, the VP of HR, who received the award. Take a listen to her short acceptance speech in front of the roughly 500 people gathered in San Francisco’s Palace Hotel for the Pensions & Investments West Coast DC conference.
Other Innovator Award winners on stage with Britt included leaders from Chrysler, the Federal Thrift Saving Plan, Aloha Petroleum, Pepsi Co. and Rackspace.
At the recent DCIIA (Defined Contribution Institutional Investment Association) Academic Forum, Britt Huber from Kiva was asked to share her insights on the behavioral economics aspects of the Retiremap platform with 350 industry professionals.
Kiva is the first plan sponsor to implement Retiremap in iPad® workshops and Britt, the VP of HR, joined a panel of academics to discuss the practitioner’s perspective on how behavioral economics can be used to improve participant outcomes.
Britt spoke about how Retiremap worked with leading behavioral economist Dan Ariely to develop its engagement process and the impact that it had with Kiva’s employees.
The slides below (that’s Prof. Ariely dressed as a bee) are an expanded version of what Britt covered in her presentation and highlight the key areas where Retiremap employs behavior economics/finance principles to get employees thinking about improving their situation and then encouraging them to take action. The slides also highlight Boulevard R’s initial approach and how we modified it by working with Prof. Ariely to create the engagement process.
In addition to Britt’s presentation, there were two other panelists whose work we found interesting and worth highlighting:
James J. Choi, Yale School of Management
Prof. Choi spoke about several topics which were highly relevant to boosting employee savings rates.
￼￼His presentation on his research highlighted two things:
- While automatic enrollment is a powerful way to get employees participating in a defined contribution plan, 24 months after auto-enrollment, approximately 40% of employees are no longer at the default contribution rate. Presumably most dialed down the deferral rate, through we weren’t clear what percentage might have actually increased their rates.
- Since a lot of employees opt-out of the default over time, savings cues are powerful ways to influence how much employees save, to get them back on track. Prof. Choi gave the following savings cue messages that were given to employees:
- 1% Anchor Cue
“For example, you could increase your contribution rate by 1% of your income and get more of the match money for which you’re eligible. (1% is just an example, and shouldn’t be interpreted as advice on what the right contribution increase is for you.)”
- $11,000 Goal Cue
“For example, suppose you set a goal to contribute $11,000 for the year and you attained it. You would earn $X more in matching money this year than you’re currently on pace for.”
- 1% Anchor Cue
The result was that with the 1% Anchor Cue, employees actually reduced their savings rate, while with the $11,000 Goal Cue, they significantly increased their savings rate, even if it was just for about 6 months.
Daniel G. Goldstein, Principal Researcher, Microsoft Research & London Business School
Prof. Goldstein’s research is probably familiar to anyone who follows different strategies to get employees to save more, since it is unique in it’s approach. Basically, he’s developed a tool to show you how your future, older self looks as a prompt to make your retirement age and the aging process more tangible, thereby increasing the motivation to save more for the future.
Based on Prof. Goldstein’s experiments, he stated that those people who saw a picture of their older selves saved roughly twice as much.
The challenge here, is that just like people don’t like to be reminded that they’re overweight, they also don’t like to be reminded that they’re going to get old (and die). So the challenge is getting HR and benefits folks to put their employees in an uncomfortable situation of visually modeling their old age. Also, for folks 5 years from retirement, the simulation probably won’t be much of a contrast. Here’s an example:
One aspect that doesn’t come across in the image above is that the facial expression of the “older self” got happier the more the savings rate increased, while inversely, the “younger self” got sadder the more the savings rate went up. Maybe it would work even better if the “younger self’s” facial expression was kept static, so that it didn’t betray the trade-off.
Retiremap will be attending the Pensions & Investments West Coast DC conference this coming week from Sunday, October 27 – Tuesday, October 29.
We’re excited because our first iPad® workshop plan sponsor client, Kiva, is up for a P&I Innovator Award. Britt Huber from Kiva is also speaking on the “Evolution of Technology in DC Plan,” and will be highlighting how Kiva used the Retiremap platform to engage their employees and provide a compelling financial wellness and retirement readiness program.
You can check out the agenda and speakers for the upcoming conference here:
First advisor-centric iPad app creates fun interactive experience to measurably improve retirement readiness, reaches more employees in less time
SAN FRANCISCO, October 1, 2013 — Leading ERISA retirement consulting firm Blue Prairie Group is now using iPads to educate employees and measurably improve retirement readiness with the Retiremap program from Boulevard R. The new Retiremap Plan For Your Future iPad workshops offer an independent, employer-centric solution to engage employees, while helping plan advisors reach more employees in less time. A short video overview is available here:
“We successfully implemented the Retiremap employee education software with several of our clients and each implementation has worked as intended. The meetings have been well attended and employees love to receive a customized statement describing their overall retirement readiness and how they can improve it,” said Matt Gnabasik, Managing Director at Blue Prairie Group. “With each implementation, we provided one-on-one consultations for those employees who are interested. The upshot is that we’re seeing higher employee engagement scores as measured by increased participation and savings rates.”
“Top ERISA-focused advisory firms like Blue Prairie Group, realize the need to innovate on their education and advice model to do a better job of engaging more employees to help make sure they are on track for a secure retirement,” said Matt Iverson, Founder at Boulevard R. “The industry recognition, with the Pensions & Investments Innovator Award nomination of the first employer to offer our Plan for Your Future iPad workshop, shows that we’re on the right track.”
The Retiremap program was developed with leading behavioral economist and NY Times bestselling author, Dan Ariely from Duke University. The 30-minute Plan for Your Future workshops provide up to 30 employees at a time with an iPad, allowing them to do a holistic retirement readiness assessment and get a personalized Starter Roadmap. For employees who cannot participate in the iPad workshops, account activation links are emailed out and they can also access the platform through a custom employer website.
RETIREMAP’S KEY BENEFITS
The Retiremap program empowers employers and advisors to:
- Offer a much more engaging and relevant plan education program
- Use behavioral economics research from one of the top behavioral economists in the world to drive positive behavior change
- Save time and increase impact by providing advisors access to employees’ data to use in private, one-on-one meetings
- Take a holistic financial planning approach by looking at the household situation
- Identify financial stressors and deliver custom, actionable content to help reduce employees’ stress
- Measure the impact of our plan education efforts, adding accountability into plan education efforts
- Provide employees an independent solution that is neither conflicted nor pushes any specific investment product.
“With the arrival of iPads and tablets, the future of plan education has arrived,” said Iverson. “Independent platforms, like Retiremap, deliver an employer-branded solution that reaches more employees in less time, while offering a fun, engaging experience. The statistics speak for themselves.”
KEY RETIREMAP STATISTICS
- 95.2% of employees who start the Retiremap goal-setting process, complete it and get a Starter Roadmap
- 55.7% of all employees are engaged in the first 30 days through iWorkshops and email campaigns
- 58.2% of iWorkshop attendees requested to speak with an advisor
- 53.2% of iWorkshop attendees decided to increase their deferral rate by an average of 6.3% of pay
Retiremap (RetiremapHQ.com) is the leading independent retirement plan education platform from Boulevard R, using today’s technology to measurably improve participant outcomes. Retiremap’s Plan For Your Future iPad workshops and online campaigns engage more employees, while helping employers and plan advisors drive the retirement plan concept in fresh new ways. By measuring and documenting the impact of plan education efforts, Retiremap introduces accountability, while simultaneously reducing fiduciary liability.
About Blue Prairie Group
Blue Prairie Group (BluePrairieGroup.com) is a fee-only investment consulting firm headquartered in Chicago, providing unbiased and objective financial consulting within three main practice areas: ERISA Retirement, Foundations & Endowments and Wealth Management. Blue Prairie Group acts as fiduciaries to all of its clients’ portfolios and is remunerated solely by clients. Blue Prairie Group passionately advocates low cost investments, full fee transparency, and offers a broad service suite for both institutions and individuals. Like any good neighbor, Blue Prairie Group contributes to the community, by giving 5% of pre-tax profit to local charitable organizations.
This infographic illustrates the key metrics that are driving Retiremap’s success as a pro-actively delivered plan education platform.
While a 5% provider utilization rate is considered good, Retiremap has shown it can do 10 times that rate. Our secret sauce is our engagement process, developed with leading behavioral economist Dan Ariely, plus our delivery model using iPads and email activation links.
On top of all of this, our messaging focuses on top-of-mind personal finance issues to make Retiremap’s value relevant for employees. You can download a PDF of the infographic here.
Kiva was the first plan sponsor to offer Retiremap’s Plan for Your Future iWorkshop and as a result, their VP of HR, Britt Huber, has been nominated for a Pensions & Investments Innovators Award.
We’re also very proud that Britt will be speaking on a P&I West Coast DC Conference panel, Evolution of Technology in DC Plans, on the afternoon of the Innovators Award lunch. Joining Britt on the panel will be Helene Sanford from Intersil, which is another company that used Retiremap to engage employees. You can see the P&I West Coast DC Conference agenda here.
In the first month of launching the program, the Retiremap platform demonstrated significant, measurable improvements in retirement readiness. Using iPads in onsite workshops, half of the 30 employees decided to increase their deferral rate by an average of 6.3% of pay.
Additionally, the iPad workshop launch, coupled with an email campaign, engaged 40% of Kiva’s employees, which are spread out all over the world. Of all the employees who participated, 37% requested a follow up meeting with the plan advisor. Additionally, 15% expressed interest in automatically escalating their deferral rates.
Your can read more here in the case study:
Want to improve employees’ financial wellness?
Come learn how to design an impactful financial wellness program at an interactive workshop in Mountain View, California. You’ll get to learn first-hand how today’s technology, including iPads, can better engage employees and help them get on track to reach their financial goals.
The workshop content was developed with leading behavioral economist and NY Times bestselling author, Dan Ariely, and is based on his research on how people make decisions in the real world.
In the spirit of learning while doing, every workshop attendee will get to use an iPad to simulate the financial wellness workshop experience.
Space and iPads are limited, so please register today.
Want to learn how you can design an impactful retirement readiness program for employees AND put in a place a financial wellness program that delivers a significant cost savings?
Then watch this video recording of the 30 minute webinar Boulevard R and Retirement Playbook hosted:
If you want to learn more, here is the presenters’ contact information.
P.O Box 172 | New Hope, PA 18938
Mobile: 267.242.6019 | Office: 215.297.5494
28 Second Street, Suite 300
San Francisco, CA 94105
Direct: (415) 250-6727
Want to learn how you can boost employees’ retirement readiness and help them reach their financial goals?
Then join us for an upcoming webinar on “Retirement Readiness: Designing an impactful program.”
In this short webinar, you will learn how to:
- Design a measurable, holistic retirement readiness program
- Use behavioral economics to nudge employees to save more
- Affordably deploy today’s technology to engage employees and boost enrollment
- Calculate the cost savings of helping employees prepare for retirement
Key findings will be presented from a collaboration with leading behavioral economist and NY Times bestselling author, Dan Ariely, as well as lessons learned from testing a new employer-branded iPad app with employees.
You will also learn about where plan education is heading in this informative webinar. Be our guest and help ensure sure employees are on track to reach their financial goal and achieve a secure retirement.