strategies for participant education
TRANSCRIPT
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Strategies in Participant EducationSuzan Huckaby
Brian Nicholson, CRSP
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Why Educate?
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Why Educate?
• Wealth Accumulation (a focus on outcomes)• Fiduciary Responsibility/404(c)• Financial/Physical Wellness• Employer Benefits
The goal of education is to create a call to action of good behaviors….
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How We Learn
A successful strategy incorporates how we learn into the communication plan
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Challenges To Effective Education
• Learning Style Differences• Information Overload• Attention Spans• Complex Topics• Human Behavior• “Doesn’t Apply To Me”• Reluctance To Make Decisions/Choices• Cost Effectiveness
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Strategies
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Multi-Channel Delivery
A well-rounded education program has multiple delivery channels• Group Setting• Individual Meetings• Printed Materials• Web Based (i.e. Mastery Point)• Social Media• Pod Casts/ Web Casts/ Conference Call
– Small Business Servicing Strategy• Email or other Messaging
Contribution Reminder
Brian, IT’S TIME TO TAKE ANOTHER LOOK AT YOUR DEFERRALPERCENTAGE!
X
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Differences in generations, gender, and other demographics force the need for different approaches to education and communication strategies
• Baby Boomers (Born 1946– 1964)• Gen X (Born 1965 – 1980)• Gen Y (Born 1981 – 2000)
Audience Driven Approach
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Differences in generations, gender, and other demographics force the need for different approaches to education and communication strategies
• Male/Female• Salary• Education Level• Other Demographics
Audience-Driven Approach
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Targeted And Personalized
• Relevant topics to the group you are trying to reach• When targeting communications –consider the demographics
of the group • Keep it Simple • Tie to personal goal achievement• Put numbers and projections into context
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Just In Time
• Education, to be most effective, should be delivered “just in time”
• Education or facts that are not relevant to your audience should be omitted
“Tell me what is relevant for me to know now”
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Social Engagement Strategies
• Peer Comparisons
• Gamification/Incentives
• Other Social Media
Gamification – the use of
game mechanics in non-
game contexts, to engage
users in solving problems
and learning.
Suzan Audience Engagement
Brian Audience Engagement
Overall Engagement
90%
88%
89%
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Other Thoughts
• Consider holistic education to improve overall financial literacy
• Implement Auto Plan Features• Simplify Investment Menus
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Building A Successful Program
• Set/Create an Education Policy • Targeted and Personalized• Relevant• Must be consistent, persistent, and multi-channel• Track progress toward goals• Gather feedback from participants • Establish relationships to minimize taxable
distributions at retirement
Effective education programs have an employee centric focus
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BPAS Tools Available
• Printed Materials • Web Education – Financial Resources• Mastery Point Guidance• AdviceWare/RJ20 • Retirement Gap Analysis• Income Projections • Conference Calls/Web Casts
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Questions?
16