Lunch seminars are a popular way to draw people in for education. Offering these seminars increases brand awareness, provides value to plan sponsors and can increase retirement plan participation.
If you are currently using a white label financial wellness program, many of these programs will provide content for you to use in these seminars.
Advisors looking to enhance interaction with their plan participants can use these 10 high-demand topics to draw a crowd.
No. 1: The importance of saving
Sometimes it is best to start with the basics. It may seem like a no-brainer, but the fact is that a third of Americans have $1,000 or less in a savings account. Learning the why is an important step in building the habits of saving. Try emphasizing various reasons to save, like emergency funds, college expenses and retirement.
No. 2: Budgeting
Hand in hand with saving is budgeting. Budgeting increases the amount a person can save by teaching them how to track their spending. Seventy-eight percent of people in a 2017 survey live paycheck to paycheck. That could eat into your plan participation as people opt-out to get more cash in hand. Budgeting can help people understand where they are spending their money and how they can save more.
No. 3: Frugal living
Living within one’s means is an important skill. Like budgeting, this can help to create space in a paycheck for savings. Spending more than you make can lead to debt and financial stress. That stress has an impact on all aspects of life, including work performance.
No. 4: Planning for retirement
Planning for retirement is a popular subject among employees. Most Americans don’t know how much they will need to retire. And almost half have absolutely no retirement savings at all. The importance of saving for retirement cannot be overstated, especially with 22 percent of Americans thinking it is not likely that Social Security will be available when they retire. This topic is an ideal place to focus on things like saving early and compound interest.
No. 5: 401k allocation
Building on the above, explaining the benefits and inner workings of your 401k program is key to increasing participation. Emphasize the tax advantages and the streamlined contribution process. Workers are more likely to save for retirement if they do not have to think about it.
No. 6: Investing
Many times, the only experience Americans have with investing is choosing their 401k allocations. In fact, only 55 percent of Americans own any stock at all. That means a huge group of people is missing out on this opportunity. Topics can include the difference between individual stocks and ETFs or mutual funds, and long-term versus short-term investing.
No. 7: Planning for college
Planning for a child’s college is a popular seminar topic because it applies to so many people. Forty percent of Americans are parents. Plus, college costs have risen exponentially in recent years, making it harder and harder to afford. A seminar on how to plan for and navigate the cost of college is sure to be popular.
No. 8: Managing debt
There are many types of debt, and it is important to understand the differences. Credit card debt and mortgage debt can have vastly different impacts on a person’s net worth. This topic is popular because it affects almost everyone. Teaching people how to manage their debt and how interest rates and APRs work will always draw a crowd.
No. 9: Appreciating and depreciating assets
These are big words that intimidate a lot of people. But if you put it in terms they understand, you will find a lot of interest. For example, most people know that a new car’s value drops as soon as you drive it off the lot. But they are still willing to take out large loans for cars. Emphasizing the differences between assets that build wealth, like real estate, versus assets that diminish wealth, like cars, can help people grow their net worth.
No. 10: Financial calendar
It is true that many times, expenses hit us out of the blue. But many expenses can be anticipated. A new roof for your house, for example, can be planned for years in advance. By laying out a calendar of these known expenses, people can avoid racking up debt or diminishing their savings.
Your lunch & learn seminars do not have to be just about 401k participation. For added engagement, try incorporating a financial wellness survey into your seminars. This will increase interaction and will give you insights into what specific goals and challenges your audience has.
Covering a broad range of topics will help draw more people. This, in turn, will help boost plan participation and provide extra value to your plan sponsor.
Kris Alban is executive vice president of iGrad, a San Diego-based financial technology company that provides artificial intelligence-powered financial wellness solutions to employers, financial institutions, colleges, and universities. Its Enrich Financial Wellness platform is used by more than 20,000 employers and more than 300 financial institutions.
Kris Alban is Executive Vice President of Enrich Financial Wellness.
