In the realm of group retirement and savings plans, the ultimate goal is to empower plan members to achieve their long-term financial objectives. Research consistently shows that individuals who are knowledgeable about their retirement options and actively engaged with their savings plans are more likely to reach their goals. 

As a plan sponsor, you are in a strategic position to influence and guide your plan members on this journey. However, achieving meaningful engagement requires a collaborative effort between plan sponsors, advisors and providers. Together, we can create a comprehensive strategy that not only educates but also inspires plan members to take control of their financial future.

Understanding Your Plan Members’ Needs

The first step in fostering engagement is understanding the diverse needs of your plan members. Each plan member is at a different stage in their financial journey, with unique goals and challenges. Providers play an important role in working with plan sponsors and advisors. By doing so, we can tailor our approach to ensure that every plan member receives the support and resources they need to succeed.

Multi-Level Education: A Tailored Approach

One of the most effective ways to engage your plan members is through targeted education. A one-size-fits-all approach is unlikely to resonate with a diverse plan membership base. Instead, it’s best to offer an education program based on life stages, such as student, early career, mid-career, caregiver, pre-retirement and retirement. This approach ensures that your plan members receive relevant information that aligns with their current life circumstances and financial goals. By addressing the specific needs of each life stage, we can help your plan members make informed decisions that support their long-term financial wellbeing.

In-Person and Online Learning Opportunities

Hosting events and setting up kiosks in the workplace provide your plan members with the opportunity to engage directly with experts, ask questions and gain insights into complex topics. These events can cover a range of subjects, from retirement planning to the basics of budgeting, offering practical advice and fostering a deeper understanding of financial concepts. Similarly, online webinars offer flexibility and accessibility, allowing your plan members to participate from anywhere, at their convenience. 

Multi-Channel Delivery: Reaching Your Plan Members Where They Are

In today’s digital age, information delivery must be as diverse as the plan members we serve. Using multiple channels—email, SMS, in-app notifications, and even traditional mail - helps reach members according to their preferences. Furthermore, we should recognize that people learn in different ways, offering content that “speaks” to visual, auditory and kinesthetic people. This inclusive approach maximizes engagement and retention of information.

Effective Communication: The Art of Microlearning

In a world inundated with information, brevity and clarity are key. By employing infographics, videos and concise information pieces, we focus on microlearning—delivering bite-sized, easily digestible content that plan members can absorb at their own pace. This method not only enhances understanding but also encourages continuous learning and engagement.

Holistic Support: Beyond Financial Planning

Financial wellbeing is intrinsically linked to overall health and wellness. Support for financial wellbeing often includes access to health coaching, mental health resources, and comprehensive planning tools. Additionally, plan members could also benefit from personalized guidance and support provided by a licensed advisor.

Community Building: Learning from Peers

Encouraging employee-led groups or forums, such as an ambassador program, fosters a sense of community and shared learning. These platforms allow plan members to share experiences, best practices and insights, creating a supportive network that enhances engagement and motivation.

Tracking and Feedback: The Path to Continuous Improvement

To ensure deployed efforts are effective, it is important to actively monitor the usage of tools, attendance at events and plan members’ feedback. This data-driven approach is essential to continually refine our materials, offerings and user experience. By listening to plan members, we can adapt and evolve, ensuring that strategies remain relevant and impactful.

A Collaborative Journey to Financial Empowerment

Engaging plan members is a shared responsibility and a powerful opportunity. By working together, sponsors, advisors, and providers can create an environment where individuals are informed, confident, and motivated to take control of their financial futures. With tailored education, inclusive communication, and holistic support, we can help ensure plan members are equipped to achieve their long-term goals. 

Kenrick Hopkinson, Director, Specialized Services and Client Relationship Support, Group Benefits and Retirement Solutions, iA Financial Group

Kenrick Hopkinson, Director, Specialized Services and Client Relationship Support, Group Benefits and Retirement Solutions, has over 21 years of industry experience and has been with iA Financial Group since 2013.  

A key member of the Group Benefits and Retirement Solutions management team, he develops specialized services that enable the organization to remain a market leader and contributes to the development, implementation and creation of education and communication content. His team is present across the country, helping plan members improve their financial literacy by providing them with the knowledge, support and services they need to make informed decisions about their finances and total wellbeing.