Leveraging the firm’s expertise in behavioral finance, GuidedChoice designed the personalized assessment to meet the real-world preferences and responses of plan investors, according to the firm. To make it easy to read and understand, the report focuses on just a few key facts drawn from retirement plan data: projected retirement income (in today’s dollars), savings rate, and portfolio diversification.
To provide next-step actions appropriate for all participants, it offers both access to professional advice and management through the company’s flagship GuidedSavings solution, and a streamlined option to implement simple savings and investment changes immediately.
The news release explained that research has shown that while participation rates in 401(k) plans are at historically high levels, contribution rates and average balances remain too low to provide adequate retirement savings for many investors. Inducing these at-risk participants to plan more prudently has proven difficult, however. The new offering meets a need in the marketplace for a participant “reality check” that is both extremely clear and immediately actionable.
« Lincoln Financial Distributors Adds Sales Directors