A number of chief financial officers (CFOs) and human resource (HR) directors showed out for the “’Want’ Adds: What Do Plan Sponsors Really Want,” panel at the NAPA 401(k) Summit, where they discussed their workplace plans and what they look for from plan advisors.
Starting with the role of committees and how they tackle its size and scope, Amanda Peterson, senior director of people operations at Auction.com, spoke on the importance behind expanding workplace committees in an effort to reach employees and their thoughts behind plan features. Along with welcoming employees to join the committee, Peterson invites the plan recordkeeper to participate as well, to keep committee members informed and updated.
“If you want to get to know what the employee might need, you’ll need that representation,” she said. “When you’re in the executive or HR level, you may not see it.”
Gabrielle Turner, director of human resources for the North American division of TCL Communications, added to Peterson’s point, noting that since starting her role, she has created a cultural committee and an HR roundtable to invite random employees to talk about the plan, financial wellness, and other topics. “It brings awareness for me, my advisors, and my CFO.”
The session also explored the post-COVID-19 workplace and how the pandemic impacted advisor-client relationships. While the pandemic forced some of the panelists to work with new advisors due to newfound growth or technological needs, others emphasized how they looked to their plan advisors for accessibility to retirement planning education, either through webinar or online Zoom meetings.
Now, as many workforces go back into the office, panelists urged advisors to collaborate with their plan sponsor clients on in-person retirement planning education. If workers are being required to go back in, advisors should partner with employers to bring engagement back to the office while ensuring the education is accessible to workplaces with multiple locations, Turner emphasized.
“Now, how are you bringing collaboration during those days when you’re in the office?” Turner challenged advisors to ask themselves. “Like many of us here who have different [office] locations, how do you, while being in-office, spread that to everyone outside the office?”
Peterson added, “It would be great to challenge each of you how to help your client get through and teach employees to build their retirement planning, and teach them that retirement planning is important to them.”
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.