Retiremap helped the Evening Post implement a holistic retirement readiness program and gain a strong understanding of employee concerns and goals, making its financial offerings more relevant and impactful.
Study Challenge: The Evening Post was undergoing a plan transition and had to evaluate the effectiveness of their financial wellness offerings. The plan sponsor recognized that employees were satisfied with the change in provider, but they needed a more holistic retirement readiness assessment. The plan sponsor wanted to ensure that employees were prepared to improve their overall financial wellness and reduce stress related to personal finances, and brought in Retiremap to help. Retiremap was the first retirement readiness and financial wellness program that the Evening Post implemented. Insight: Retiremap wanted to help the Evening Post achieve two key goals: • Implement a comprehensive program that increased employee engagement and satisfaction in the 401(k) benefit • Provide the plan sponsor with insights about employee needs and concerns in order to measure the impact of plan education efforts and enable continuous improvement Additional goals included increasing transparency in plan education efforts and reducing the Evening Post’s fiduciary liability. 3 Company Profile Evening Post Industries is a media and information company. It publishes three daily newspapers and 11 community newspapers and operates in 11 network- affiliated broadcast television markets. Evening Post Industries is also engaged in a wide range of real estate and forestry investments.
examining their financial goals, total savings, assets, and debts. Retiremap developed this engagement process based on the research of Dan Ariely, a leading behavioral economist and New York Times bestselling author. On the first day of workshops, Retiremap and a team of advisors from Wells Fargo guided employees through the initial planning process and gathered information on employees who were interested in an individual meeting. In just 30 minutes, employees could see how on track they were to reach their financial goals and take action through the iPad by affirming a deferral rate increase, requesting to enroll in the 401(k) plan, and requesting to meet with a plan advisor. A defining focus of the program with the Evening Post was to provide one- on-one financial counseling with a Wells Fargo personal banker through the Wells at Work program. Working with an informed advisor can increase accountability and lead to more sustained behavior change. As part of Retiremap’s advisor-driven approach, Wells Fargo advisors were able to pull up and analyze employees’ financial information on the Retiremap platform and quickly gain a clear understanding of each employee’s financial goals, debts and other financial issues, in advance of their one-on-one meetings. This benefited both Evening Post and Wells Fargo by making the limited time advisors had with employees more productive and prescriptive. To reach employees who were unable to attend the initial iPad workshop, Retiremap sent out a link to the online version of the retirement readiness program to maximum employee participation. 4 Advisors can quickly understand each employee’s financial situation, creating more productive and prescriptive conversations.
employees with a holistic financial wellness program, Retiremap made key progress through the initial iPad workshop. The workshop was received extremely well and enabled actual savings. Nearly 70% of employees increased their paycheck deferral rate. 5.2% of pay was the average deferral increase request. 48 employees took an additional satisfaction survey, which showed that 90% or more of employees felt: • more prepared to work on their financial goals • that they now had helpful tools to reduce stress • more prepared to take the next step to improve their financial wellness • that the new financial wellness program was an excellent addition to the benefits package Following the workshop, employees received a holistic retirement readiness assessment, which took into consideration total household income, total savings, areas of debt, and home equity. This personalized Starter Roadmap, or mini financial plan, was emailed to employees as a PDF from Wells Fargo. Additionally, employees’ Social Security benefit was projected for them, using the Social Security Administration's algorithm based on age and income. Evening Post employees also received a custom online Dashboard and access to a custom microsite with educational articles from the Financial Planning Association®, as well as quarterly webinars on different personal finance topics. Using the Retiremap platform, Evening Post employees were able to learn about saving for retirement, goals-based financial planning, debt management, budgeting, and estate planning. 5 Of the 61 employees who attended the first day of workshops: 77% 69% 16% Were interested in auto- escalation Increased paycheck deferral rate Requested to meet an advisor
began using Retiremap to strategize around how to further engage with employees. The advisors were particularly eager to work with the 77% of employees who expressed interest to meet in a one-on- one setting to discuss their financial goals. In previous Retiremap workshops, 58% of employees requested to meet with an advisor. The Evening Post’s high interest not only speaks to effectiveness of the Wells Fargo team but also shows the potential that Retiremap has in helping local advisors address clear needs in their communities. . Impact for Plan Sponsor: To address the second goal of providing insights around employee financial habits and concerns, Retiremap was able to distill the following findings from the workshop: Debt 6 41% of all employees want to eliminate debt 48% of Baby Boomers 22% of Millennials 41% of Gen X-ers Baby Boomers have the most debt, at an average of $15, 913. Both Gen X-ers and Millennials have approximately $10,850 in debt.
the platform, Retiremap will be able to provide deeper insights into employee trends and help the Evening Post provide relevant and impactful financial wellness offerings. Looking Ahead: Throughout our engagement, employees at the Evening Post will be able to use Retiremap’s full-scale technology platform and gain a better understanding of financial trade-offs. The platform is designed to be interactive and engaging for employees, demonstrating that technology can make retirement planning enjoyable. Used in conjunction with guidance from the Wells Fargo team, Retiremap uses technology to maximize advisors’ value. Retiremap’s goal-based financial planning complements the Evening Post’s holistic approach to retirement readiness. 7 74% of all employees want to save for retirement $800 What Baby Boomers expect in retirement income per month 89% of Millennials expect no retirement income 39% of all employees want to invest better 78% of Millennials hold all of their assets in cash Younger employees were more interested in investing better. Millennials save $350 on average per month, Gen X-ers save $468, and Baby Boomers save $380.
San Ramon, CA 94583 (925) 242-2500 [email protected] Retiremap is the first financial wellness program designed for how retirement plan advisors work with employees. Retiremap’s award-winning program combines today's technology, behavioral economics and your trusted retirement plan advisor to engage employees and help them achieve their financial goals. Retiremap’s custom online campaigns and Plan For Your Future iPad workshops drive the retirement plan concept in fresh new ways, while gathering data on key financial wellness issues for employees. By measuring and documenting the program’s positive impact, Retiremap enhances transparency, while reducing fiduciary liability for the employer. 8
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