Attendees at the NAPA 401k Summit in Las Vegas this week got a chance to hear first-hand what big companies are looking for from retirement benefits advisors.
In a Tuesday breakout session, Malika Terry, VP, Global Total Rewards at global shipping giant UPS, shared her unique insights with advisors as the leader of an innovative human resources program designed specifically to attract, motivate and retain high-quality talent.
The session, “Lessons from a Fortune 50 Plan Sponsor: Develop a Strategic Partnership to Deliver What Matters Most,” also featured advisors Amy Kinsman of OneDigital and (this month’s 401k Specialist Top Advisor by Participant Outcomes) Erin Hall of Strategic Retirement Partners, and David Blanchard of OneDigital.
The premise of the session was that employers today are looking for consultants to become a strategic partner and reframe retirement benefits to adjust to changing needs brought about by the next generation of employees. UPS’ Terry reinforced that idea again and again during the session.
“What are we going to do to retain and attract the employees of tomorrow?” Terry said. “We are looking to our consultants and plan advisors to help us in this journey. We need to partner with you guys. We’re looking for you to help us solve these problems.”
“What are we going to do to retain and attract the employees of tomorrow? We are looking to our consultants and plan advisors to help us in this journey. We need to partner with you guys. We’re looking for you to help us solve these problems.”
Malika Terry, UPS
She noted how UPS has a strong retirement benefits lineup including a 401k plan, of course, “but what are we going to do for that employee that has student loan debt? I’m going to look at student loan repayment and emergency savings accounts.”
UPS already offers one of the most generous tuition reimbursement programs in the marketplace, helping college students finance their education and attend school while working part-time or full-time at UPS. Since the inception of the Earn & Learn program, UPS has invested in the college tuition of 290,000 employees.
But with a broader spotlight shining on issues such as student loan debt and Americans’ general lack of emergency savings, Terry said benefits professionals are looking for help from advisors in these areas.
Erin Hall heard that message loud and clear, and embraces the challenge. “I want to be that person. I want to provide the solutions for that gap—before someone else does,” she said. “We’ve made space in our meetings to have our clients talk about their challenges. We want to add value and bring ideas to them.”
It’s not about pretending to be an expert in other areas outside or your (401k) lane, but in a willingness to seek out additional partners like health insurance brokers and other benefit ideas like student loan repayment, health savings accounts and emergency savings accounts.
Perhaps your company doesn’t offer a student loan repayment solution, but you may know a good student loan repayment vendor that you can refer to your clients.
“Resourcefulness if the mega competency,” Hall said, adding that she might not know it all, but she’s got a good “Rolodex.”
MORE FROM THE 2021 NAPA 401K SUMMIT:
• The Advisor Opportunity in ESG
• 401k Participants Want Guaranteed Income Options
• Difficult Discussions About 401k Industry Diversity
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
