401(k) Participant Engagement

The goal

Personal communication

with participants

Effort

Easy Inexpensive Personal

One-on-one meetings ✓

Group meetings ✓

Phone calls ✓

Webinars ✓

Personal emails ✓ ✓

Automated emails ✓ ✓

Handouts ✓ ✓

Personalized reports ✓ ✓

Participant interactions

One-on-one meetings

Pros:

● Delivers the best participant outcomes

Cons:

● Time-consuming● Do not scale

Group meetings

Pros:

● You meet participants <> Participants meet you

Cons:

● Participants are not comfortable asking questions

● Content is not personalized● People might tune out

Phone calls

Pros:

● Speak with participants directly● End with a positive result for the

participant

Cons:

● Often are questions that should be directed to recordkeeper

Webinars

Pros:

● Centered around specific topics● Scales to many participants● No time constraint (can be

recorded and played later)

Cons:

● Like with group meetings participants might be afraid to ask questions

Personal emails

Pros:

● Personalized advice is more likely to be acted upon

● Asynchronous (you can respond when your schedule permits)

Cons:

● Do not scale

Automated emails

Pros:

● The simplest way to reach participants

Cons:

● Likely to be ignored

Handouts & mailings

Pros:

● Easily deliverable● Satisfy requirements

Cons:

● Easily ignored and discarded● Often not relevant (e.g. most

people do not hit contribution limits)

● Expense and waste

Personalized reports

Pros:

● Great discussion pieces● Inspire action

Cons:

● Time-consuming to produce

Engagement drives business results

Engaged participants

Better metrics

Better participant outcomes

Win more clients

Why use metrics?

You distinguish yourself on:

● Price● Service● Reputation

With metrics you quantify why you are better than competitors which makes the plan sponsor's choice easier.

401(k) metrics

Metrics today:

● Participation rate● Actual Deferral Percentage● Actual Contribution Percentage● AUM

Metrics tomorrow:

● Retirement readiness rate● Participant engagement rate● Financial wellness

Retirement readiness rate

Number of participants projected to meet their retirement income goal

Total number of participants

Participant engagement rate (PER)

Participants who:

You have met with -or-

Had a phone call with -or-

Who opened an email -or-

Logged into their account

Total number of participants

PER is bounded by a timeframe. Your annual PER will be larger than your quarterly PER.

Financial wellness

The CFPB defines financial wellness as:

A state of being wherein a person can fully meet current and ongoing financial obligations, can feel secure in their financial future, and is able to make choices that allow enjoyment of life.

We define financial wellness as:

Being financially prepared for all major life events up to, and including, retirement.

How do you measure financial wellness?

Financial wellness is composed of many different components that need to be measured individually. (e.g. budgeting, emergency savings, debt, insurance, estate planning, etc.).

How do we measure financial wellness?We have developed a 100-point score that measures a participant's overall financial wellness by weighing the individual components based on the participant's profile. We can report on that across a plan or your whole book of business.

"If you can't measure it, you can't improve it." - Peter Drucker

With WorkPlay401(k) you:

● Have a branded financial wellness portal● Increase participant engagement● Make automated emails and handouts personal and make personalized

emails and reports easy● Get metrics for use in plan reviews and proposals● Set yourself apart from your competitors

WorkPlay401(k) Participant Engagement Management

Find out more

Find out more information and schedule a demo.

Web: www.workplay401k.com

Email: will@workplay401k.com

Phone: (310) 935-0375