PLANADVISER - November/December 2021 - 23

group education in a way that was scalable for our clients, "
Trujillo says. " We got updated cameras and sound equipment
and learned how to edit videos. "
For other clients, Argi instead focused on webinars or
email newsletters. In each case, the firm collected data on
participant engagement. " Then we can go back to our clients
and say, 'Here's the data-this is the right way to communicate
for your company,' " Trujillo says.
Johnson Financial Group has also introduced new tech
tools to better communicate with participants across
multiple platforms. " We did things we never would have
thought about in the past, such as on-demand videos
and podcasts, " Lehmann says. " They're all prerecorded,
so we're able to reach participants at a
time that's convenient for them. "
The firm has also introduced content
that participants can tap into as they reach
certain milestones. " We are using an online
financial planning tool that goes beyond
retirement planning to help them achieve
long-term financial security, " Lehmann says.
" We have educational modules available for
marriage and divorce, debt management, college
planning, etcetera. "
Providing just-in-time education about financial stresses
to employees as they are dealing with them is a benefit to
the employer, Lehmann says. Doing so can improve absenteeism,
productivity and even retention rates. That is especially
important now, with more than 60% of the employees
recently surveyed by PwC reporting that their financial stress
has increased over the months of the pandemic.
Financial Wellness
" The pandemic has really accelerated an adviser movement
toward [fostering] financial wellness, and they're doing it
with less reliance on the recordkeeper and in a purely digital
way, " Murphy says. " They're promoting participant education
beyond the retirement plan. The conversation is no longer
about stocks and bonds but 'Do you have a budget?' "
Shamburger says T. Rowe Price has also seen increased
interest in financial wellness programs from plan sponsors,
which want to integrate their retirement benefits with
college savings programs, health insurance offerings or an
emergency savings product.
" For advisers, that's really interesting, because it broadens
the conversation they can have with plan sponsors, " he says.
" Anytime you can do that, it's an opportunity to create more
value and engage the participant base. "
Participants also expect providers to offer the latest technology.
In a March study by Edward Jones, 95% of investors
said it is important that advisers use the latest technology
and tools when providing financial help, though 83% said they
would still rather work with a human than a robo adviser.
Plan advisers agree that the accelerated adoption of
technology appears poised to continue. Shamburger says he
expects to continue to see service providers migrating their
offerings to the cloud. " It's just so much cleaner and smoother
to adapt going forward, " he says. " Looking 10 or 15 years down
the road, most systems we operate will be cloud-based. "
Personalization
Industry thought leaders surveyed last year by Voya said
technology would drive more personalized advice, which
would lead to better outcomes for participants over the next
decade. For plan advisers, that means an increased reliance
on tech tools to connect with plan participants, who are now
more willing than ever to engage virtually.
" When we went all virtual back in 2020, our engagement
did not decrease at all, " Swallow says. " We had the
same amount of engagement with participants as
we did pre-COVID. That tells us that the ability
to engage and meet participants where they
want to be met is very powerful, and that's
something that's going to be here to stay. "
Flexible platforms that allow plan sponsors
to facilitate digital advice or offer managed
accounts at scale will also likely continue to
grow in importance. Providers are launching
a host of new products aimed at enabling such
services. In the past year alone, Morningstar and
Dimensional Fund Advisors debuted a customizable,
adviser-driven managed account service; Prudential Retirement
unveiled Advice and Income Engines; and Ascensus
introduced a product with Financial Finesse that uses artificial
intelligence (AI) to service individual participants.
As the number of products and solutions in the space
continues to grow, advisers can help sponsors determine
which might make the most sense for their business. They
might also help sponsors streamline their provider ecosystem.
To do this, the adviser can create an easier-to-manage experience
for participants, while minimizing the need to share
data and therefore decreasing the risk of a cyber breach.
It will also be increasingly important to select technologies
that work together, even if they are provided by multiple
vendors, as participants demand a more user-friendly experience
that, additionally, allows them to see their entire
financial picture at once.
" The average U.S. worker wants personalized attention
and a holistic snapshot of their financial situation, " Murphy
says. " And we're seeing advisers embrace that, and financial
wellness generally, in a major way. "
That, of course, requires access to data, another major
focus for tech-forward advisers. " There's a struggle for the
participant data right now, and technology is going to be
critical in that battle, " Murphy says. " Technology that can
help aggregate data outside of the recordkeeper is going to be
extremely useful. "
To remain competitive, advisers will need to adopt new
technology as it becomes available-and adapt their operations
accordingly. " The question is, how to manage the firm
around the technology and implement the day-to-day practices
that ensure [you]'re taking advantage of the extra lift
available to [you] thanks to technology, " Shamburger says.
" It's a matter of change management. " -Beth Braverman
planadviser.com November-December 2021 | 23
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PLANADVISER - November/December 2021

Table of Contents for the Digital Edition of PLANADVISER - November/December 2021

A Shift in the Tech Landscape
Strength in Diversity
Future Faces
A Workforce in Flux
Fee Models Are Shifting
Nonenforcement Policies
‘Window’ of Opportunity
PLANADVISER - November/December 2021 - Cover1
PLANADVISER - November/December 2021 - Cover2
PLANADVISER - November/December 2021 - 1
PLANADVISER - November/December 2021 - 2
PLANADVISER - November/December 2021 - 3
PLANADVISER - November/December 2021 - 4
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PLANADVISER - November/December 2021 - 15
PLANADVISER - November/December 2021 - 16
PLANADVISER - November/December 2021 - 17
PLANADVISER - November/December 2021 - A Shift in the Tech Landscape
PLANADVISER - November/December 2021 - 19
PLANADVISER - November/December 2021 - 20
PLANADVISER - November/December 2021 - 21
PLANADVISER - November/December 2021 - 22
PLANADVISER - November/December 2021 - 23
PLANADVISER - November/December 2021 - Strength in Diversity
PLANADVISER - November/December 2021 - 25
PLANADVISER - November/December 2021 - 26
PLANADVISER - November/December 2021 - 27
PLANADVISER - November/December 2021 - 28
PLANADVISER - November/December 2021 - 29
PLANADVISER - November/December 2021 - Future Faces
PLANADVISER - November/December 2021 - 31
PLANADVISER - November/December 2021 - 32
PLANADVISER - November/December 2021 - 33
PLANADVISER - November/December 2021 - A Workforce in Flux
PLANADVISER - November/December 2021 - 35
PLANADVISER - November/December 2021 - Fee Models Are Shifting
PLANADVISER - November/December 2021 - 37
PLANADVISER - November/December 2021 - Nonenforcement Policies
PLANADVISER - November/December 2021 - ‘Window’ of Opportunity
PLANADVISER - November/December 2021 - 40
PLANADVISER - November/December 2021 - Cover3
PLANADVISER - November/December 2021 - Cover4
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