Industry heavyweight Geoffrey Schock has a lot to say about this critically important 401(k) topic. Indeed, it’s his (and all of our) business.
At the 401k Summit in Las Vegas, John Sullivan interviews Geoffrey Schock of Trutina Financial about the buzz around “participant outcomes” in retirement plans. Schock breaks it down into three perspectives:
- Traditional Measurement – Most firms focus on quantitative record-keeping data, such as participation rates, deferral rates, and income replacement projections. While useful, this method is purely analytical.
- Participant Perception – Despite solid participation numbers (often in the mid-80% range) and reasonable savings rates, many participants don’t feel they’re on track for retirement. They cite issues like poor credit, housing struggles, divorce, and college costs, which aren’t captured by traditional metrics.
- Holistic Advice – Schock emphasizes directly asking participants what success means to them and addressing their broader financial challenges. His firm provides one-on-one advice to employees and even their spouses, tackling personal financial hurdles that impact retirement readiness.
Schock notes that while this approach is hard to scale, it delivers the greatest value to participants. He stresses balancing quantitative measures with the real-life financial concerns of individuals.
Regarding broader industry concerns, Schock downplays political and regulatory uncertainty, urging teams to “focus on what you can control” and deliver excellence daily, treating outside noise as secondary.
The interview underscores a shift in 401k management: moving beyond analytics to participant-centered, holistic financial guidance.
With more than 20 years serving financial markets, John Sullivan is the former editor-in-chief of 401(k) Specialist and 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. Experienced financial services content executive specializing in creative new media delivery. He joined the American Retirement Association in 2023 as Chief Content Officer, overseeing communications for the organization, as well as its sister organizations.
