Participant meetings and participant education doesn't need to be boring and generic. With the right approach, advisors can engage plan participants, motivate them to increase deferrals and have the opportunity to discover outside assets to bring into the plan. The right appraoch means connecting with and engaging participants on a personal level with information that is relevent and meaningful to them and answers their most important question: "Can I retire?"
TRAK's Batch Gap report provides a one-page gap analysis report for participants that answers the question, "Can I retire?" This easy to understand report engages participants because it uses their actual information. When participants see their current paycheck information it immediately get's their attention. When they can see suggested shortfall solutions and how those actually affect their take-home pay, it provides meaningful education and helps participants understand the decision they have to make.to examine how well their retirement is funded—and how closing a potential shortfall will impact their take-home pay. The chart at the top allows them to see their progress in funding retirement in a meaningful way.
The Batch Gap report shows the client’s current paycheck and the proposed change to take-home pay (the value that means the most to the client).
Additionally, the bottom of the report presents options for funding retirement, including the cost of waiting before increasing contributions, retiring a year later, or if they have additional assets outside of their retirement plan.
For clients who are significantly underfunded, the calculation engine can be configured to automatically modify the scenario to reduce a shortfall. For example, it could increase the client’s retirement age until the increase in contribution falls within a specific threshold (the modified data is noted in a footnote). Similar functionality can be applied for overfunded clients.
The Batch Gap report provides a meaningful, quick assessment of how well a plan participant is funded for retirement and the available options for addressing the projected gap.
Using the Batch Gap and Contribution Analysis reports in combination provides an effective set of tools for helping advisors educate plan participants for retirement.
Advisors consistently tell us how effective this report is in their participant meetings. For many it has become their "go to" solutions for really engaging participants and the results have been exciting: increased participation, higher deferral rates and more assets rolled into the plan. Don't just take our word for it, hear what advisors have to say about this exciting solution.
For Matt Monroe, Partner at Retirement and Benefit Partners, TRAK is integral to his process of engaging 401(k) plan participants. Hear more about his process and how TRAK has helped him work more closely with participants, engaging and educating them in retirement readiness planning. Find out why Matt Monroe uses TRAK!
Basam Malik, Enrollment Specialist at Rehmann Financial, has found exciting success motivating plan participants using the Batch Gap and Contribution Analysis reports. In our interview he shares some of his success stories using TRAK to help 401(k) plan participants in their retirement readiness planning. Hear why Basam Malik uses TRAK!
Gerald Wernette, Principal/Director of Retirement Plan Consulting for Rehmann Retirement Builders has called TRAK a "must-have tool". The Batch Gap and Contribution Analysis reports help his team capture participants’ attention because the data is personalized for them. Read more about why Gerald Wernette and his team use TRAK.
If you like what you hear, then give TRAK-Online try and see the difference it can make to your participants plan sponsors and your business.
TRAK-Online is a transformational retirement planning solutions for advisors. By changing the focus of retirement planning conversations from sales to education, TRAK-Online helps educate clients and engages them in the retirement planning process, resulting in them understanding your value as a financial advisor.
TRAK-Online is efficient and effective in handling clients’ questions about various qualified plans (including 401(k), 403(b), 457, Thrift Savings Plans (TSP), IRAs, Roth, etc.). TRAK-Online’s visually engaging reports make retirement planning easy to understand. Advisors often use TRAK-Online solutions interactively with their clients, quickly illustrating how variables can have a big impact on their retirement goals. Additionally, TRAK-Online can help you fulfill your fiduciary responsibility and comply with DOL rules by including all of your clients’ assets and illustrating nearly any retirement scenario. TRAK-Online has a number of retirement planning calculators, each designed to communicate a specific retirement planning concept to a client.
Trust Builders, Inc. has a long history of working with corporate accounts of all sizes. Trust Builders, Inc. will draw on our experience to help your advisors increase their sales through client education.
Are you on TRAK-Online? Learn what top producers already know by trying TRAK-Online today.