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Blue Prairie Group Uses Retiremap to 
Win Industry Award for Financial Wellness

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.

 

2014 SIGNATURE AWARDS- Financial WellnessUsing Retiremap’s Plan For Your Future iPad workshops and working closely with the client, Blue Prairie Group education specialists achieved the following results for its client:

  • 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 clients experience was particularly satisfying because it validated some of the education campaigns 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.

Financial Wellness: Calculating the ROI

Yesterday’s webinar on developing the bottom-line rationale for implementing a financial wellness program is now available. You can listen to the play-by-play, with presenters Matt Gnabasik (Blue Prairie Group) and Matt Iverson (Retiremap), in the video below or just review the slide deck below the video.

For quicker viewing, here are the slides from the webinar:

Retiremap Tool Calculates Employers’ ROI on Financial Wellness and Employee Engagement

Using key engagement and behavior change metrics from current Retiremap implementations, new tool provides employers with a custom report detailing the cost-savings + profitability impacts of implementing a financial wellness program.

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SAN FRANCISCO, April 2, 2014 -- To help companies cut through the ambiguity surrounding financial wellness savings, Retiremap has developed a tool to calculate the program’s return on investment (ROI), using behavior change data from existing Retiremap implementations. HR professionals and CFOs can learn about the tool and how they can develop their own business case for implementing a financial wellness program in a free webinar on Thursday, April 24:

https://www2.gotomeeting.com/register/378392226

“Financial wellness programs often promise the moon when it comes to savings, but how relevant are these numbers for a specific employer?” said Matt Iverson, Founder at Boulevard R.  “By combining current research and Retiremap’s established performance metrics, we can now provide retirement plan committees and CFOs with a custom savings forecast based on their retirement plan’s unique profile.”

“The problem with traditional employee financial education is that the group meeting format and the lack of customized and personalized information means that it rarely leads to desired behavioral changes. Since Blue Prairie Group started using Retiremap, we’ve been able to track a series of engagement metrics for our plan sponsor clients that ultimately tie back to improving retirement security which is the ultimate goals,” said Matt Gnabasik, Managing Director of Blue Prairie Group.

Retiremap’s ROI assessment tool looks at the benefit for the plan, participant and company by examining Retiremap’s impact on three key areas of cost-savings and improved company profitability:

  • Financial Wellness
    By providing strategies for employees’ financial goals, as well as delivering interactive tools, Retiremap helps plan advisors or provider representatives have greater impact when serving employees struggling with financial stress.
  • Retirement Readiness 
    By getting employees to save more, employers help ensure participants can retire on time and not have to delay retirement when their disability and healthcare premiums are highest.
  • Employee Engagement
    By implementing a program that demonstrates that the employer cares about employees’ well being, while also promoting the retirement plan’s value, employees become more engaged.  Greater engagement translates into improved profitability by increasing employees’ loyalty, advocacy and willingness to go the extra mile.

“By quantifying the ROI of how Retiremap pro-actively engages employees and measurably improves participant outcomes, we are connecting the art of financial wellness with the financial reality that companies have to operate within,” said Iverson. “Not only is financial wellness the right thing to do for employees, we can now help anyone interested in financial wellness shine a light on the financial return for their unique employee population and employer.”

HR professionals and CFOs can see a sample Retiremap ROI assessment and request one for their company by visiting:

RetiremapHQ.com/ROI

 

RETIREMAP- KEY STATISTICS

  • 53% of Plan for Your Future iPad workshop attendees decided to double their deferral rate (increasing by an average of 6.3% of pay)
  • 97% of employees feel more engaged with the retirement plan
  • 93% of employees feel the Retiremap program is an excellent new benefit
  • 92% of employees they have helpful tools to reduce financial stress
  • 56% of all employees are engaged in the first 30 days through Plan for Your Future iPad workshops and email campaigns

 

About Boulevard R
Retiremap (RetiremapHQ.com) is the award-winning, independent retirement plan education platform from Boulevard R, using today’s technology to engage employees and measurably improve participant outcomes.  Retiremap’s Plan For Your Future iPad workshops and online campaigns developed with leading behavioral economist Dan Ariely, help employers and plan advisors deliver a financial wellness program with a significant return on investment.  By measuring and documenting the impact of plan education efforts, Retiremap introduces accountability, while simultaneously reducing fiduciary liability.

Leading RIA Firm Taps New Retiremap iPad Workshops to Engage and Educate Employees

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:
RetiremapHQ.com/tour

BPG logo without background, 300 dpi

“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

 

About Retiremap

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.