PLANADVISER - May/June 2019 - 36
feature
MEETS
HIGH-TECH
HIGHTOUCH
How
advisers blend technology and
coaching to engage plan participants
JAMES LYDAY, managing director of Pensionmark Nashville, has what might
be called an evolved view of technology. " I look at technology not as a replacement
for me, but as a way to make me better as an adviser, " says Lyday, a 2019
PLANSPONSOR Retirement Plan Adviser of the Year finalist. " With all of this new
technology and robo-advisers, many plan advisers got worried we were going
to get marginalized. But, in the end, technology will never replace people. Yes,
there's a small percentage of participants-maybe 5% or 10%-who will access
these tools and the data, themselves. A much larger percentage want someone to
interpret the data for them. "
Plenty of recordkeepers tout the innovations made to their participant
websites and tools. " But when you start looking at the use of this technology, less
than 20% of participants even log on to their website once a year, " Lyday says. It
is only amazing technology if people actually use it, and most participants need
help to do that, he maintains. " I don't think technology is really motivating to
participants. What's motivating is the adviser who reaches out to the participant
with the data in hand. "
The human element remains essential, and advisers need to blend technology
and personal coaching in ways that inspire participants to make good changes,
advisers say. " It's great to zero in on usability and actually get results, " says Jon
Meyer, senior director and chief technology officer at CAPTRUST in Raleigh, North
Carolina. A relatively small group of mostly self-directed participants " can find a
tool on their own to make any calculation online, " he says. " But what works with
most people is having a dialogue. That's hard to scale, in a Silicon Valley way. "
36 | planadviser.com May-June 2019 Art by Alex Kiesling
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PLANADVISER - May/June 2019
Table of Contents for the Digital Edition of PLANADVISER - May/June 2019
Advisers' Future Trajectory
Tangled
2019 PLANADVISER DCIO Survey
High-Tech Meets High-Touch
Whatever Suits
New Platforms Support ETFs
Major Cases
Good News for P.R. Plans
Denial of Benefits
The Cost of Advising One's Own Plan
PLANADVISER - May/June 2019 - C1
PLANADVISER - May/June 2019 - FC1
PLANADVISER - May/June 2019 - FC2
PLANADVISER - May/June 2019 - C2
PLANADVISER - May/June 2019 - 1
PLANADVISER - May/June 2019 - 2
PLANADVISER - May/June 2019 - 3
PLANADVISER - May/June 2019 - 4
PLANADVISER - May/June 2019 - 5
PLANADVISER - May/June 2019 - 6
PLANADVISER - May/June 2019 - 7
PLANADVISER - May/June 2019 - 8
PLANADVISER - May/June 2019 - 9
PLANADVISER - May/June 2019 - 10
PLANADVISER - May/June 2019 - 11
PLANADVISER - May/June 2019 - 12
PLANADVISER - May/June 2019 - 13
PLANADVISER - May/June 2019 - 14
PLANADVISER - May/June 2019 - 15
PLANADVISER - May/June 2019 - 16
PLANADVISER - May/June 2019 - 17
PLANADVISER - May/June 2019 - 18
PLANADVISER - May/June 2019 - 19
PLANADVISER - May/June 2019 - Advisers' Future Trajectory
PLANADVISER - May/June 2019 - 21
PLANADVISER - May/June 2019 - 22
PLANADVISER - May/June 2019 - 23
PLANADVISER - May/June 2019 - 24
PLANADVISER - May/June 2019 - 25
PLANADVISER - May/June 2019 - Tangled
PLANADVISER - May/June 2019 - 27
PLANADVISER - May/June 2019 - 28
PLANADVISER - May/June 2019 - 29
PLANADVISER - May/June 2019 - 2019 PLANADVISER DCIO Survey
PLANADVISER - May/June 2019 - 31
PLANADVISER - May/June 2019 - 32
PLANADVISER - May/June 2019 - 33
PLANADVISER - May/June 2019 - 34
PLANADVISER - May/June 2019 - 35
PLANADVISER - May/June 2019 - High-Tech Meets High-Touch
PLANADVISER - May/June 2019 - 37
PLANADVISER - May/June 2019 - 38
PLANADVISER - May/June 2019 - 39
PLANADVISER - May/June 2019 - 40
PLANADVISER - May/June 2019 - 41
PLANADVISER - May/June 2019 - Whatever Suits
PLANADVISER - May/June 2019 - 43
PLANADVISER - May/June 2019 - 44
PLANADVISER - May/June 2019 - 45
PLANADVISER - May/June 2019 - New Platforms Support ETFs
PLANADVISER - May/June 2019 - 47
PLANADVISER - May/June 2019 - Major Cases
PLANADVISER - May/June 2019 - 49
PLANADVISER - May/June 2019 - Good News for P.R. Plans
PLANADVISER - May/June 2019 - Denial of Benefits
PLANADVISER - May/June 2019 - The Cost of Advising One's Own Plan
PLANADVISER - May/June 2019 - C3
PLANADVISER - May/June 2019 - C4
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