401(k) Specialist Issue 3 - 2019 - 29

401(k) FINANCIAL WELLNESS
Calling it " removing the friction " that
impedes retirement savings, he believes it's
one more way to get Americans to engage
in retirement planning.
" It's a paradigm shift. There is literally no
one who should not be participating in a
401(k) plan, and I think this is a key feature
for us to get there. "
The Mechanics
It sounds great in theory, but how does it
work in practice?
" Twenty years ago, we used credit cards
and it was convenient, " GRP Advisor Alliance
founder Bill Chetney (an EvoShare in " The
mission
of EvoShare
is to make
saving for
retirement a
daily habit. "
- Eugeny Prudchyenko
vestor) excitedly explains. " Flash forward to
now and we better get something for using
that credit card. I either get a frequent flier
mile, I get cash back, I get something, right?
So, people have been trained to do that. "
The Millennial Factor
It especially appeals to younger participants
at a time when the need to start
saving earlier has never been greater.
For an industry that has typically been slow
adopters of new technology, millennials are
now, or will soon be, the primary economic
drivers, notes Vince Morris, president of Kansas-based
Resources Investment Advisors.
" They have a different viewpoint and desire
on how to interact with businesses and
invest their dollars, as well as how they're
communicated to, " Morris, also an EvoShare
investor, argues. " It's much more push-communication
as opposed to pull. "
He was first introduced to the EvoShare
concept at an innovation lab hosted by
Ladenburg Thalmann in San Francisco.
Multiple fintech startup firms presented, but
EvoShare " won the day, " in Morris' opinion.
" The appeal for me came from its innovation
in the space, and not just around
deferral and participation rates, but also
communication. At a point in time when
you purchase an item, they're going to, No.
1, tell you if you can find it cheaper, and
No. 2, they're going to give you part of that
transaction back. You can then do multiple
things with it, one of which is to make a
401(k) deferral. "
Pairing With Financial Wellness
Better behavior and spending patterns
that increase savings and decrease debt naturally
lead to the hottest of hot topics currently
in the industry-financial wellness.
" We've tried to educate participants on
the value of the 401(k), but that didn't have
nearly as much of an impact as automatic
enrolling and deferrals, " Morris says. " I see
the holistic approach to financial well-being
in the same way. Can we automate that
emergency fund? Can we automate those
student loan payments? "
Since retail marketing is spending a
ton of money on advertising to try to get
ISSUE 3 2019 | 401kSpecialist.com
29

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401(k) Specialist Issue 3 - 2019

Table of Contents for the Digital Edition of 401(k) Specialist Issue 3 - 2019

Table of Contents
401(k) Specialist Issue 3 - 2019 - Cover1
401(k) Specialist Issue 3 - 2019 - Table of Contents
401(k) Specialist Issue 3 - 2019 - 1
401(k) Specialist Issue 3 - 2019 - 2
401(k) Specialist Issue 3 - 2019 - 3
401(k) Specialist Issue 3 - 2019 - 4
401(k) Specialist Issue 3 - 2019 - 5
401(k) Specialist Issue 3 - 2019 - 6
401(k) Specialist Issue 3 - 2019 - 7
401(k) Specialist Issue 3 - 2019 - 8
401(k) Specialist Issue 3 - 2019 - 9
401(k) Specialist Issue 3 - 2019 - 10
401(k) Specialist Issue 3 - 2019 - 11
401(k) Specialist Issue 3 - 2019 - 12
401(k) Specialist Issue 3 - 2019 - 13
401(k) Specialist Issue 3 - 2019 - 14
401(k) Specialist Issue 3 - 2019 - 15
401(k) Specialist Issue 3 - 2019 - 16
401(k) Specialist Issue 3 - 2019 - 17
401(k) Specialist Issue 3 - 2019 - 18
401(k) Specialist Issue 3 - 2019 - 19
401(k) Specialist Issue 3 - 2019 - 20
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401(k) Specialist Issue 3 - 2019 - 28
401(k) Specialist Issue 3 - 2019 - 29
401(k) Specialist Issue 3 - 2019 - 30
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401(k) Specialist Issue 3 - 2019 - 40
401(k) Specialist Issue 3 - 2019 - 41
401(k) Specialist Issue 3 - 2019 - 42
401(k) Specialist Issue 3 - 2019 - 43
401(k) Specialist Issue 3 - 2019 - 44
401(k) Specialist Issue 3 - 2019 - Cover3
401(k) Specialist Issue 3 - 2019 - Cover4
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