The 20 Rising Stars of Retirement Plan Advisors 2007 - (Page 15) sponsored article employers retain quality employees and recruit others. This is especially valuable in competitive labor markets where smaller employers may not be able to compete with larger companies offering higher wages. In addition, any benefit program that improves employee financial wellness may also help increase productivity. The 2001 National Report on Work & Family showed that improving employee financial wellness resulted in a 40% boost to company financial performance. Integrating a participant-centric approach in a retirement benefit program positions the plan sponsor as an employer who truly understands the importance of giving employees an adequate retirement. It positions an employer as one who understands that each individual is different and requires a customized solution. It positions the employer as one who wants to do the right thing for their employees. Here are the keys to making the retirement benefit program successful for employees: • Education alone will not work. Adopt a solution that addresses the needs of the three distinct groups of employees. Each group requires a unique retirement planning solution. The solution absolutely must include ongoing feedback to help gauge progress toward meeting retirement goals. CONCLUSION When it comes to retirement planning in the U.S., there is still time to get it right. But each party to the process must understand their role in making it successful. The plan provider, the plan advisor, and the plan sponsor must all take responsibility. Each party must avoid the mistakes of the past. As always, the industry will need to look for validation from the end-user: the plan participant. The leaders in this process will be those that recognize that a participant-centric approach—one that acknowledges that not all participants are alike—is the key. Also crucial is understanding the common denominator for all participants—the need for continuous feedback on progress toward achieving retirement goals—the foundation of success. Kent Buckles is a vice president at • The initial enrollment meeting is just the start. Endeavor to make your enrollment meetings mandatory. If you are unable to make enrollment meetings mandatory, conduct a campaign to get people in the seats, and consider motivators such as a raffle or door prizes. • Think about using an alternative term for the enrollment meeting. A campaign leading up to the meeting that says “invest in your future” rather than “come to the enrollment meeting” can make it sound fun and enlightening rather than a painful experience. • Make retirement planning part of your company culture. A key component of that is treating your retirement plan benefit program as an ongoing advertising and public relations campaign. Keep the features and benefits of your plan in front of your participants, utilizing all communication channels available (Web, newsletter, posters, payroll stuffers, emails, and the like.) Keep your messaging positive, inspirational and actionable. SEPTEMBER 2007 The Standard. He can be reached by phone at 971-321-6002, or by email at kbuckles@standard.com. Invesmart is now part of The Standard. Full service retirement plan products are offered through both a trust platform (in all states), and a group annuity platform (in all states except New York). StanCorp Equities, Inc., member NASD/SIPC, distributes group variable annuity and group annuity contracts issued by Standard Insurance Company and may provide other brokerage services. Third party administrative services are provided by Standard Retirement Services, Inc. Investment advisory services are provided by StanCorp Investment Advisers, Inc., a registered investment advisor. StanCorp Equities, Inc., Standard Insurance Company, Standard Retirement Services, Inc., and StanCorp Investment Advisers, Inc are subsidiaries of StanCorp Financial Group, Inc. and all are Oregon corporations. RETIREMENT PLAN ADVISORS RISING STARS 15
For optimal viewing of this digital publication, please enable JavaScript and then refresh the page. If you would like to try to load the digital publication without using Flash Player detection, please click here.