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PANEL: CONDUCTING SUCCESSFUL ENROLLMENT MEETINGS

• Clayton Collins, VP, DCIO Division, American Century Investments • Bruce Larson, VP, Asset Management, Lubbock National Bank• Tom Sutton, Senior Employee Benefits Trust Officer, BPAS Fiduciary Services

Moderator: Melissa Varvarezis, Communication/ Education Specialist, BPAS Fiduciary Services

B P A S P A R T N E R C O N F E R E N C E 2 0 1 6

Make Meetings Fun and Interactive!

Quick Quiz!1) Grab your phone2) Go to www.govote.at3) Use the code 44 85 83

Annual Plan Review Report• An excellent resource for education

meetings– Plan demographics– Deferral rates– Participation rates– Diversification of Investments

• Will soon be available quarterly

Generations of Investors

Older Baby Boomers 1946 – 1955(61 and older)

Younger Baby Boomers 1956 – 1964(52-60)

Gen X 1965 – 1979(37 – 51)

Millennials 1980-2000(36 and younger)

MillennialsGood savers, but retirement savings is not a priority

More likely to switch jobs

Tend to distrust advisors

Not aggressive investors/ uneducated investors

•Show importance of early saving•Discuss balancing current expenses (student loans) and future (house, retirement, etc.)

•Auto-enrollment with auto-escalation

•Review vesting•Importance of not cashing out•Make rollovers easy (IRAselect)

•Build rapport•Supply them with resources to unbiased information

•Emphasize long term growth of stock market•Target date funds/ Custom models•How to invest in volatile markets

Gen X

Not on track for retirement

Lack of emergency savingsTend to be independent in their planningTend to be cynicalSome are saving more for college than retirement

•Gap analysis•Encouraging increasing contributions

•Saving/budget tips•Drawbacks of retirement plan loans

•Provide them with planning tools•On-line calculators

•Establish rapport•Supply them with resources to unbiased information

•Discuss balancing expenses•Discuss scholarships, grants, 529 Plans, etc.

Baby Boomers

Insufficient Retirement Savings

Uncertainty about retirement distributions

Need overall retirement planning assistance

•Review catch up contributions•Encourage working longer/deferring Social Security•Automatic escalation

•Review distribution options and pros/cons of each•Discuss appropriate spending strategies•Review Required Minimum Distributions

•Provide information about Social Security and Medicare

•Individual meetings and/or workshops dedicated to those planning to retire soon (consider inviting spouses!)

Focus on Outcomes

What participants need to know:• It’s your time in the market that matters, not timing the market.• Paper vs. Realized Loss. Selling in a down market locks in a loss. • What’s more important: how you’re investing or how much you’re investing?• Examples showing large final balances are nice, but be sure to emphasis what

annual/monthly payouts can be. (A million dollar balance at retirement for a millennial might not last too long!) The BPAS quarterly statements are a quick way to check retirement projections!

Building Rapport with Participants

Cover other topics besides just the retirement plan• Identity Theft• Teaching Your Kids about Saving• Budgeting/ Financial Wellness• Social Security Planning• HSAs/Healthcare

Make Meetings Relevant

• Avoid too much industry jargon• Avoid reviewing the plan highlights in

detail – perhaps provide a handout instead

• Provide resources for where participants can learn more about investing (Hint: Our PEC!)

• Provide interactive resources/ calculators (Our PEC again!)

Make Meetings Fun and Interactive!

Personal Experiences/ Peer Testimonies

Videos Raffles/ Prizes Quizzes/Surveys

Effective Means of Communication

Short Videos Text Messages Email Paper Mail

Web Access/Apps

Group Meetings/ Workshops

Individual Meetings

Peer Testimonials

What works for you?

B P A S P A R T N E R C O N F E R E N C E 2 0 1 6

BPAS PARTNER CONFERENCE 2016

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