3 Top Tips for Advisors to Turbocharge Retirement Plan Enrollment

How to Combat the 3 Cs — The Common Obstacles to enrollment

Let’s get on the fast track

According to the Bureau of Labor Statistics, 55% of the American workforce has access to a 401(k) plan, yet only 38% of them choose to participate. And it is not only Millennials who are not adding to their savings. Half of baby boomers, many of whom are already past their peak earning years, have retirement savings of less than $100,000.

What are people doing with their money?

Please follow Vestwell to learn more about how our technology is going to help solve this puzzle.

At Vestwell, we believe that a major source of this problem is the way that retirement plan options are currently presented to employees.

The 3 Cs — Common Obstacles to enrollment- are:

  1. Cumbersome onboarding processes
  2. Confusing investment fund options
  3. Convoluted Fees

We envision a future where companies can rely on retirement planning-savvy advisors to offer a new generation of plans via easy to use, turnkey technology.

3 tips for advisors to help turbocharge retirement plan enrollment:

Customized Solutions

Employees are faced with confusing and limited investment fund options. Many 401(k) offerings have excessive costs, poor performing funds and not enough diversification opportunities to allow investors to properly manage risk. These “off the shelf” products force employees into portfolios that are not necessarily applicable to their own goals and risk tolerance.

Vestwell’s solution provides technology that allows users to build their own investment strategies by offering a wide range of independent investment options. But, users can use our turnkey options too.

Streamlined Onboarding and Plan Maintenance

The onboarding process is cumbersome. All that paperwork and is aggravating and annoying.

Vestwell’s solution provides technology that advisors and plan sponsors can automate the time-consuming and error-prone processes of enrollment, account maintenance and reporting, and plan management would become much easier. Adapting the design of the plan to fit the changing needs of the plan sponsor should take a few clicks, not dozens of forms and weeks of waiting.

Fee Transparency

Convoluted and hidden fees are a pain point in any business. They significantly impact investment growth.

Vestwell’s solution provides fee transparency that empowers employees to make appropriate decisions based on value.

The future is now

The current state of retirement savings enrollment is cumbersome, confusing and convoluted.

The future has now arrived and the timing could not be better. It is time for a new approach

Vestwell provides technology to help advisors grow their 401(k) AUM. When used correctly, a 401(k) can be a powerful tool for creating peace of mind.

And who doesn’t need some peace of mind these days?

Contact us at info@vestwell.com for more information and follow us on LinkedIn and Twitter.