The video titled “2018 Nuveen Leadership Council – Vince Morris, Bukaty”, features an interview conducted by John Sullivan from 401k Specialist, during the Nuveen Retirement Outcome Leadership Committee meeting in Chicago. The discussion revolves around innovative approaches to financial wellness in employee benefits.
Key Points Discussed:
- Personalized Financial Wellness: Vince Morris highlights Bukaty’s distinctive approach to financial wellness, which integrates technology with a human element. This method involves initially surveying employees to identify their specific financial needs and interests, followed by the development of tailored educational programs or tools based on this data.
- Proactive Engagement: Unlike traditional methods that wait for inbound inquiries, Bukaty proactively engages with each employee on a one-on-one basis. This proactive engagement helps employees make informed decisions about savings (pre-tax vs. post-tax) and investment allocations.
- High Engagement Rates: Vince Morris reports seeing engagement rates of 40-50% among participants, which he attributes to the personalized and proactive nature of their approach. He notes a “barbell effect” where those in financial distress and those performing well are most likely to engage, either to assess their financial situation or to confirm their good standing.
- Managed Account Innovations: Discussing managed accounts, Morris explains that Bukaty’s financial wellness programs allow for a more individualized investment strategy compared to traditional target-date funds. This customization ensures that even participants with the same age can have different investment strategies tailored to their unique circumstances.
- Addressing Broader Financial Concerns: Bukaty’s holistic approach also aims to address significant financial hurdles like student loans among Millennials, integrating these considerations into their broader financial wellness strategy to improve retirement outcomes.
The video emphasizes the importance of personalized and proactive strategies in financial wellness programs, showcasing Bukaty’s efforts to adapt traditional financial services to better meet individual employee needs.
Watch the video on YouTube: https://youtu.be/wrQ8DNKOFqI?si=SVFKh-BA9FH0Vg9p
See Also:
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.
