401(k) Specialist Issue 1 - 2018 - 30

FEBRUARY
ALEXANDER G. ASSALEY, AFS 401(k) Retirement Services
Key Ingredients in
Successful Outcomes
WE BELIEVE THAT A BIG component in the ability to drive successful outcomes is data.
Each year, we begin our employee engagement program with an assessment to identify where
employees are currently in their financial life. This evaluation, of about 20 questions, helps to validate
if someone is " on track " and to understand the trends developing with potential issues, such
as emergency savings and personal debt, including credit cards.
We compile and analyze this data, which provides us a clear picture at the organization level.
With some client relationships, we have 50 percent of their employees complete the annual survey,
while others generate as much as 90 percent-really based on how engaged the company's leaders
are in " being champions " for this program.
With this clear picture, we can develop and better deliver a hands-on program that offers education,
guidance and personalized advice across a number of areas important to employees.
Through an " engagement protocol " (which sounds sophisticated but really is not), we offer
" Two critical
ingredients to
the success of
the engagement
are how the group
meetings are
structured and
the technology
we use for
follow-ups. "
Alexander G. Assaley is Managing Principal
and the Lead Advisor for Retirement
Plans with AFS 401(k) Retirement Services.
employees with some pre-meeting preparation. This could be as simple as ideas to think about
prior to a meeting, or worksheets or information to bring, so that they can actively participate in a
session rather than us talking and them listening.
Two critical ingredients to the success of the financial wellness program are how the group
meetings are structured and the technology we use for follow-up and accountability. Success also
involves the company's commitment to how it's scored and our ability to measure the results. For
example, a company-driven incentive program may give employees " 200 points for attending, "
and we work with the company as to what exactly that then means and how to translate that into
a program that employees use.
Ultimately, we're trying to piggyback on some of the health and wellness initiatives that have
become staples in employee benefits, since the two complement each other. Working Americans
do not think separately about benefits; it's one all-encompassing picture that works together. We
want them to be able to prepare for their financial life today, tomorrow and long-term; and to do
that, we look at the entire spectrum of benefits in our advice sessions.
In one-on-one sessions, my colleague Jim Keenehan says that the key is our ability to provide
advice on anything that has a dollar sign next to it. In the past 12 years, we've helped over 13,000
working Americans in these one-on-one counseling sessions.
It often starts with a discussion of the 401k but quickly moves towards other areas of their financial
well-being, which our research shows are critically important. Successful retirement planning is
the outcome, but it won't happen unless there is a strong foundation involving four other areas:
* emergency savings
* debt management
* cash management
* financial planning
There's no question it's labor-intensive and hands-on. Our peers would look at our service
model and continued capital investment back into our own business and say it's not worth it, but
really it comes down to our firm's mission to help working Americans with their financial life.
That's what drives us every day.
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401(k) Specialist Issue 1 - 2018

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