PLANADVISER - January/February 2020 - 35

individually or as a team. " Playing as a team is fun for those
with competitive instincts. And if they can play using their
smartphone, everyone loves that, " he says. Winners get a
small prize such as a free coffee from Dunkin' Donuts.
For one example of a need his firm filled, a client had
decided to perform an investment re-enrollment. It was
making new funds and strategies available and wanted
these explained through educational meetings, on site.
To help participants understand the new risked-based
model portfolio, the NFP team explained that everyone falls
within three categories: do it for me, help me do it, or I'll do
it. " We talked about those strategies, and showed how to log
" Playing as a team is fun for
those with competitive instincts. "
in and actually implement the strategy that best fit them, "
Goldstein says. " After the group meeting, we had individual
sessions so participants could ask questions they didn't feel
comfortable asking in front of the group. "
He says the plan sponsor thought most participants
would be defaulted and not take any action, but the meetings
drove a substantial number to select investments,
themselves.
On a smaller scale, just taking some simple steps can
be helpful. For one, Goldstein has the same advisers return
for each meeting. " It builds trust and expectations after
hearing the person before, " he points out.
Another is a keeping a future-perspective in mind. " We're
all saving money for this older version of us who is really a
stranger, " he says. " You don't know what the 65-year-old you
will be like, but you're the one who will support that person.
It's an effective message. "
'Show Them the Money'
DAVID GRIFFIN AND JACKIE
DECKMAN, Atlanta Retirement
Partners LLC, Atlanta
Often, at retirement plan
participant meetings, David
Griffin, founder, director, institutional retirement plans at
Atlanta Retirement Partners LLC-the 2019 PLANSPONSOR
Retirement Plan Adviser of the Year Small Team winner-in
Atlanta, will take a dollar out of his pocket, ask a participant
for a dollar, then give that person back the dollar, plus his
own. He may do the same with five dollars. In this way, he
demonstrates the employer match. " People come into meetings
because they know I'm giving out money, " he says. " All
you have to do is show them the money. "
Showing participants the money they could save based
on their own financial situation is a focus for his meetings.
The firm also created a financial boot camp-even
selling it to others because of the program's success, Griffin
says. We consider several variables when customizing a
program. These include employee age, level of investment
sophistication, debt load and importantly, employee input
and feedback through surveys. Topics covered include
home buying, student loan or credit card debt, 529 plans,
Social Security and Medicare, and,
" retirement red-zone decisions " to do with saving, spending
and tax efficiency.
" Gamification is something we've found helpful, " Griffin
says. " Participants receive prizes for making progress
through different modules or receive monetary prizes for
making it through all of Boot Camp. "
Jackie Deckman, plan adviser at Atlanta Retirement
Partners and author of the firm's financial wellness
program, agrees that playing games in a meeting makes
it fun and engaging. Then to further engage participants,
she says, sharing is crucial. " I have them look at monthly
expenses and identify those that recur; then I share an
example of something I negotiated, such as a cable bill
and how much I saved. Or I may share how buying contact
lenses online saved me money. I'll ask them for examples
from their own life of how they've saved. People are always
proud to share their accomplishments, " she notes.
" Education needs to be short,
and it needs to be relevant. "
Another key to making the camp effective is to create an
intimate group of peers, Griffin says. " People are more apt
to share and have a competitive nature with people in a
similar job role or of a similar age, " he adds.
At the end of the custom boot camp, which lasts for 12
or 18 months and includes group meetings as well as oneon-ones,
clients are able to measure how the program has
moved the needle both in terms of saving in the retirement
plan and reducing employees' financial stress.
Whatever program a firm provides
for
its
clients,
Deckman suggests keeping the meetings to around 30
minutes. " Education needs to be short, and it needs to be
relevant. It should be about something participants are
living and give actionable ideas they can use, " she says.
She recalls one meeting-not a part of boot camp-
where a senior executive had encouraged attendees to save
up to the employer match. He shared how much he had
freed up by taking recommendations from similar group
financial wellness meetings.
" Even I
recommendations and double-check them. " -Rebecca Moore
SHARE A UNIQUE APPROACH
In each issue of PLANADVISER, we will feature advisers explaining
how they tackle a common challenge. If you have a strategy you
would like to share, or know someone we should feature, please let
us know at editors@issmediasolutions.com.
planadviser.com January-February 2020 | 35
for those over 50,
learn things, " Deckman says. " I make notes of
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