Advisor-driven financial wellness program wins top industry award by measurably improving employee outcomes, while providing advisors with tools to be more impactful.
SAN FRANCISCO, September 24, 2014 — Leading ERISA retirement consulting firm Blue Prairie Group partnered with Retiremap to win a PSCA Signature Award with “High Distinction” for the Financial Wellness program it developed on behalf of a plan sponsor client. The Signature Award was presented at the Plan Sponsor Council of America’s 67th Annual National Conference held in Miami, Florida.
- 61% of employees were engaged in the first month through iPad workshops
- 42% of iWorkshop attendees decided to increase their deferral rate by an average of 5.7% of pay
- 47% of iWorkshop attendees requested to talk with a Blue Prairie Group financial advisor
- 15% of iWorkshop attendees expressed interest in auto-escalating their savings rates
- 99% of employees completed the ten minute goal-setting process
- 98% of iWorkshop attendees felt more engaged with the 401(k) plan
- 97% of iWorkshop attendees felt they now have helpful tools to reduce stress related to their personal finances
- 97% of iWorkshop attendees would recommend the workshop to a co-worker
- 97% of iWorkshop attendees felt the new financial wellness program was an excellent addition to the benefits package (45% strongly agreed)
The goal of the financial wellness program was to engage employees, get them to save more for a secure retirement and help Blue Prairie Group education specialists have more impactful one-on-one employee meetings to improve financial wellness. The iPad workshops proved so successful, that a second full day of one-on-ones meetings with Blue Prairie Group education specialists was scheduled for employees.
“This particular client’s experience was particularly satisfying because it validated some of the education campaign’s basic assumptions about the importance of establishing a broad-based financial wellness framework and the real hunger participants have to speak to experienced advisors who can render powerful advice free of conflict and product sales,”said Matt Gnabasik, Managing Director at Blue Prairie Group.“The client should also be commended for providing the commitment in terms of time and resources to make our joint efforts so successful.”
“Retirement plan advisors who are strong advocates on behalf of participants are ideally positioned to offer financial wellness to plan sponsors, We see winning alongside Fidelity and Transamerica as recognition that an advisor-driven financial wellness program is uniquely positioned for success,”said Matt Iverson, Founder at Boulevard R. “There is a real demand for financial wellness solutions from plan sponsors, as we saw in our packed session at PSCA. By creating a program that is more engaging than what most providers offer, and also making plan advisors measurably more impactful with employees, we can have a profoundly positive impact on employees’ financial wellness.”
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.