Financial wellness research and insights.
Financial wellness research and insights.
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.
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.
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:
In case you missed it, this edited video jumps right into our recent webinar, “How Retiremap won a 1st Place Eddy Award,” explaining Retiremap’s award-winning approach to retirement plan education, retirement readiness and financial wellness.
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:
“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:
“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:
RETIREMAP- KEY STATISTICS
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.
Did you know:
– 59% of Gen Y employees have the goal to buy a home
– 39% of Gen X employees have their savings in “All cash”
– 42% of Gen Y employees have student loan debt
At the P&I Defined Contribution East Coast Conference last week, we participated in a panel “Understanding Generation X in a Generation Y World.”
To expand upon that idea, using detailed aggregate data from the Retiremap platform, we put together this presentation to highlight some of the differences between Gen X and Gen Y employees and how to best engage them to improve financial wellness and retirement readiness.
If you saw the article in PlanAdvisor on the recent Retiremap webinar “Engaging Gen X and Gen Y to Boost Retirement Readiness” you can view it here:
Thanks and let us know if we can help you think through new ways to engage employees to improve their retirement readiness and financial wellness.
Retiremap is a research-backed employee financial wellness program designed with renowned behavioral economist Dan Ariely and his team from Duke to help employees achieve their financial goals.
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