Financial wellness research and insights.
Designed to help employees achieve their financial goals.
Financial wellness research and insights.
Designed to help employees achieve their financial goals.
SAN FRANCISCO – August 14, 2015 – LPL Financial has selected Retiremap for inclusion in its new Vendor Affinity Program*. The Retiremap program, designed specifically for retirement plan advisors and their plan sponsor clients, expands upon the employee engagement and financial wellness solutions available to LPL advisors.
“We are excited to work with LPL and their retirement plan advisors to deliver the first financial wellness program created specifically to maximize advisor value with their plan sponsor clients,” said Matt Iverson, CEO and Founder for Retiremap. “With a full-service program that makes plan advisors measurably more impactful, Retiremap’s unique engagement process combines today’s technology and behavioral economics to help employees achieve their financial goals.”
Based on research by leading behavioral economist and NY Times bestselling author, Dan Ariely, Retiremap engages employees and creates a personalized plan to help them achieve their financial goals. Designed with retirement plan advisors in mind, Retiremap is a branded, turnkey program that both saves advisors time and increases revenue. For plan sponsors, Retiremap increases employee engagement and improves financial wellness, while reducing fiduciary liability. For employees, Retiremap’s personalized program gets them financially on track, while also increasing plan enrollments and savings rates.
“We recognize that technology is a major contributor to creating increased efficiency and driving greater productivity in our clients’ businesses,” said Victor Fetter, LPL Financial managing director and chief information officer. “Being able to connect LPL clients with leading technology solution providers adds a new dimension to the level of service and support we can provide to clients to help them manage and grow their businesses.”
“What sets Retiremap apart is complete alignment with the plan advisor’s business model along with a service model where each advisory firm has their own Retiremap relationship manager,” said Iverson. “Retiremap’s aspirational, holistic approach doesn’t just focus on consumer debt, but also encourages employees to save more in their retirement plan while accomplishing their financial goals.”
For retirement plan advisors working directly with employees, Retiremap facilitates deeper employee engagements through the fun goal-setting process, personalized emails and automated appointment setting. Designed to increase plan advisor efficiency and deliver a highly personalized employee experience, Retiremap’s Advisor Management Interface allows advisors to review an employee’s financial goals and household profile prior to any interaction.
* The Vendor Affinity Program is a new initiative designed to help advisors reduce the complexity and costs of running their businesses. by offering a centralized repository of vendors that have agreed to provide their products and services to LPL advisors at discounted prices.
Retiremap partners with retirement plan advisors and their plan sponsor clients to provide an award-winning financial wellness program that helps employees achieve their financial goals. Retiremap’s web and mobile software applications are based on research by leading behavioral economist and NY Times bestselling author, Dan Ariely, and drive positive changes in employee behavior, including higher savings rates and greater engagement in the retirement plan. Retiremap’s customized Plan For Your Future iPad workshops help employers drive the retirement plan concept in fresh new ways, while measuring plan advisors’ positive impact with employees. For more information, visit www.RetiremapHQ.com
About LPL Financial
LPL Financial, a wholly owned subsidiary of LPL Financial Holdings Inc. (NASDAQ:LPLA), is a leader in the financial advice market and serves $485 billion in retail assets. The Company provides proprietary technology, comprehensive clearing and compliance services, practice management programs and training, and independent research to more than 14,000 independent financial advisors and more than 700 banks and credit unions. LPL Financial is the nation’s largest independent broker-dealer since 1996 (based on total revenues, Financial Planning magazine, June 1996-2015), is one of the fastest growing RIA custodians with $105 billion in retail assets served, and acts as an independent consultant to over an estimated 40,000 retirement plans with an estimated $120 billion in retirement plan assets served, as of March 31, 2015. In addition, LPL Financial supports approximately 4,300 financial advisors licensed with insurance companies by providing customized clearing, advisory platforms, and technology solutions. LPL Financial and its affiliates have 3,352 employees with primary offices in Boston, Charlotte, and San Diego. For more information, please visit www.lpl.com.
Financial wellness programs are becoming more and more prevalent as employers, large and small, rethink the importance of helping their employees achieve financial goals and become retirement ready.
According to Bank of America Merrill Lynch, most companies feel somewhat responsible for the financial wellness of their employees, and most companies believe that financial wellness programs will be standard in 10 years. Employers’ growing concerns over their employees’ financial situations make sense, especially since 20% of employees report that issues with personal finances have been a distraction at work. Financial stress causes employees to be less productive in the day-to-day and more dissatisfied with their employers in the long run. Financial wellness programs are not only good for employees; they can also help improve the bottom line for employers.
The Financial Wellness Trends one-pager summarizes key findings from four major studies released earlier this year. It provides essential information for quickly understanding the current state of financial wellness, from the perspective of the employer and employee.
Women are more stressed out about retirement than men are, according to a recent MassMutual study. MassMutual found that 20% of women are at least moderately stressed in retirement, compared to 15% of men. Prior to retirement, 49% of women are at least moderately stressed, compared to 38% of men.
Women tend to have higher expectations than men do about free time and the social aspects of retirement. During retirement, more women report having new experiences, having more time for friends, and opening up more opportunities. Furthermore, more women, 34%, report having friends and family to depend on, compared to 22% for men.
When it comes to money though, women are still worse off. While women tend to be more financially secure during retirement than they expect to be, they are still less financially secure than men are.
MassMutual’s findings are consistent with other findings. A recent survey from PricewaterhouseCoopers found that 42% of women are comfortable choosing investments that are right for them, compared to 60% of men.
Investing decisions have an impact. Among both men and women, those who have a DC plan are happier and feel more relaxed than those who do not, according to the MassMutual report.
When speaking to Bankrate, Laura Scharr-Bykowsky, principal of Ascend Financial Planning, noted a key difference between men and women. She says that because financial security is a high concern for women investors, they tend to make more conservative decisions.
“If you’re in a money market with all cash because you’re afraid of market volatility, inflation is quickly eating into that cash,” Scharr-Bykowsky says. “It seems like a smart strategy, but that actually could be the riskier strategy. You’re going to outlive your money if you’re sitting on all that cash.”
The gap in comfort levels between men and women in making investment decisions is something that can be addressed now to account for the differences in financial security during the retirement years. Financial advisors can do more bridging the confidence gap and the retirement gap. Tailoring communications and engagement to women’s concerns and properly educating women on the risks of different investment strategies are important first steps.
Recognizing a hunger for real-life data from employees on their financial challenges and goals, Retiremap has launched a Research Team to aggregate user data and look for interesting trends that will help retirement plan advisors, employers and retirement plan providers better understand employee financial wellness issues.
Access to this research will be included in the upcoming quarterly Industry Insights publication from Retiremap.
As a retirement plan advisor, you can get your own branded video and be the first to share financial wellness with your clients.
More and more top advisory firms are offering financial wellness programs as a way to develop relationships with prospects. Don’t let other firms be the first to present financial wellness to your clients.
If you missed the recent webinar “How Financial Wellness Reduces Fiduciary Risk” covering how a program such as Retiremap can mitigate fiduciary liability for plan sponsors, you can listen to the webinar or review the slides below.
These slides were developed with the assistance of The Wagner Law Group expressly for the benefit of Retiremap and are not appropriate to extrapolate to another financial wellness program.
Retiremap is a research-backed employee financial wellness program designed with Duke University and renowned Professor Dan Ariely to help employees achieve their financial goals.
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