I’ve often heard complaints that employees don’t attend retirement education seminars. Often those who have had that observation have not attended the seminars themselves that makes each analysis simply one is based on other people’s observations. I’ve learned from listening to several when a brown Ted talks that there’s lots of vulnerability and shame wound up in our decision-making. Many of that is intertwined with our thoughts regarding money
Provider retirement education bias
In a 401(k) plan typically either have the retirement provider retirement platform provider for the broker for the retirement plan. Many of the larger companies have relationship managers and teams of people whose job it is to enroll and provide the retirement education. Many of the people that provide the retirement education have no metric for success. It’s more of a yes we did that activity. I often asked administrators or the person from human resources in charge of the oversight about what training or retirement education was provided. Some answers were “I don’t know” or “we picked a topic that we had not done before.” The bias here might simply be just get it done.
Investment provider retirement education bias
If the person doing the training doing the retirement education comes from one of the investment firms they may see education as something or someone explains the different types of funds for the different categories of funds and the need for diversification. Many of professional has been accused of speaking in terms that the audience did not understand when teachers speak in terms of their student don’t understand no one learns anything. The bias here would be one towards investing as the answer need be on my knowledge of. Thought almost hard to recall the days of DOS as windows were technically a graphical ethical user interface is increased the adoption and productivity computers. However, few people actually ever discuss how 401(k) account balance is to be turned into bendable income in retirement.
Stockbroker retirement education bias
Many financial professionals are brokers. They typically take on the same mindset as investment providers. If your plan has a broker of record and not an advisor that specifically works with your employees that is likely what you have.
Participant investment advisor bias
My bias is towards employees understanding how much they need to save, for how long and at what rate of return to create retirement income that they need in the future. To fill the retirement income gap between Social Security and their pension. Participant help can take the form of one-on-one advice, financial assessments and direct help when joining or leaving your company. This advice can take the form of fiduciary advice. You should want your advisors to have retirement planning credentials such as Chartered Retirement Planning Counselor™ and CERTIFIED FINANCIAL PLANNER™ professional. Seek out professional guidance that offers feedback you feedback on your participant outcomes. At minimum, you should be employee outcomes biased.
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