Call-center questions from plan sponsors and participants about all that’s happening caused intellicents to develop and bind their weekly client communications into a 16-page digital brochure.
Responding to requests from advisors and employers, the Minnesota-based 401k and wealth management firm has now rolled out its Corona Crash Survival Kit on its website, available in either the full version or individual pages most relevant to a company’s employee population.
“When the pandemic hit, we sat down and said, ‘Okay, how are we going to service our clients and what did we learn from the economic crisis in 2008?’” said Brad Arends, Co-Founder and CEO of intellicents. “We had a lot of calls asking about how long this volatility would last, and how long it will take for account balances to rebound. We wrote a few employee communications, but people wanted more.
They decided on a six-week campaign, with two communications per week to 401k participants about what they should and should not be doing during the latest crisis.
“We put a story to it, and it ended up with a life of its own. When the campaign ended, we compiled it into a digital brochure to guide people through what we’ve coined the Corona Crash.”
Outside advisors began calling and asking for permission to use it with their clients (it cannot be private-labeled or co-branded). Employers soon followed with similar requests, and the firm decided to make it available to all as a public service to 401k plans.
Topics range from the importance of taking a long-term view from both an investment and contribution standpoint, to the hazards of market timing and investing based on your emotions, time-tested strategies of dollar-cost-averaging and rebalancing, and the importance of a holistic financial plan to overall success.
Other services
intellicents then decided to make several other services available on their website to plan sponsors complimentary.
“The Corona Crash exposed a number of core weaknesses in the financial health of the typical American worker,” Arends added. “Lack of basic budgeting knowledge, poor debt and credit management, and zero funds set aside for an unexpected financial emergency are commonplace. With just a spreadsheet of participant data including age and wage, we can produce a robo foundational financial plan for every employee offering guidelines for not only these issues, but also income protection, and where you should be right now from a retirement savings standpoint. And as a public service in this time of great uncertainty, we are making it available to any plan sponsor free of charge.”
intellicents is also making its myCents powered by EvoShare cash-back program available to plan sponsors and their participants through its survival kit.
“Who would have ever thought that shopping online at Target, eBay, Walmart, Home Depot, Walgreens, Macy’s, or 1,300 other businesses could result in additional contributions for your retirement plan, student loans, or college savings fund?” Grant Arends, Co-Founder and President of intellicents, concluded. “Or you could dine or shop at over 8,700 restaurants, bars, and stores across the country, and your financial wellness savings would grow because of it. Now, more than ever, it’s important to give the American worker the ability to use both their income and their spending to grow their nest egg.”
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of Investment Advisor magazine and retirement editor of ThinkAdvisor.com. Sullivan is also the former editor of Boomer Market Advisor and Bank Advisor magazines, and has a background in the insurance and investment industries in addition to his journalism roots.
