That is the conclusion of a study byAssociates, which found that only 35% of defined contribution plan participants use 401(k) online information tools at all.
Associates’ conclusions are not an anomaly. “In general, our observation is that the level of sophistication of the plan participant sites is orders of magnitude greater than the sophistication of the participants themselves,” says Lou Harvey, president of DALBAR, Inc., a financial services research company in. “Yes, they offer some tremendous features. However, the level of interest and sophistication is so far away from that, and the needs are so much simpler than that, that they are virtually useless.”
On June 17, PLANSPONSOR’s “Plugged In” webinar series brought together , PLANSPONSOR Editor-in-Chief Nevin Adams,Mark Davis , president of Mark A. Davis Consulting, Greenwich Associates Managing DirectorChris McNickle , DALBAR President and CEO Lou Harvey, and Fred Reish, managing director and partner of the Los Angeles-based law firm of Reish Luftman Reicher & Cohen, to discuss “Even If You Build it, They Don’t Always Come – Motivating Participants to Use Retirement Planning Tools.”
The Powerpoint presentation is HERE
The Voice file (in .mp3 format) is HERE
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