Confero Winter 2014: Issue 5 | Page 11

An Inter view with Mar y Ellen Whiteman as 2013. Year-over-year, we saw three times the attendance at those webinars as we have made them more targeted. The engagement is higher, the actual attendance is higher, and we are seeing satisfaction scores go up as a result of the content being more relevant—that single-handedly is the most effective thing. It’s not necessarily about unique messaging that no one has ever thought of, or differentiating messaging, but more so the ability to really break it down and make the interaction as personal and relevant as possible. That is what has helped us engage more people. What has been the biggest failure you’ve seen in terms of participant education & engagement? What went wrong and, ideally, what lessons can others learn? Really it’s some opportunities that have been missed in the past. I wouldn’t say there is necessarily one thing that sort of jumps in my mind. Tied to my last comment about being more targeted, we don’t always have access to information, especially through the [plan] sponsor. There are data points about participants that are of high value when it comes to educating them about their financial priorities. For example, the number of children or the birthdays of children. So if they have a college savings goal related to those children, we aren’t going to know based on the [limited] information that a sponsor transmits to us. We are not going to actually help [employees] meet their goals or provide information contextually if we don’t know about them. So ultimately, what we want to do is become more knowledgeable about all of our participants. I think learning more about investors and being able to use that data to personalize their experience, is a missed opportunity. This is going to become increasingly important as we ramp up our digital experiences. Secondarily, historically there has been a fine line between what we talk about from a 401k and a retirement perspective, and what we talk about beyond that. We have been very siloed in the way we communicate to participants about their 401k—not in relation to all the other things they are facing from a financial perspective. And not even from a financial, but from a retirement perspective. So there are clearly other retirement vehicles that can help an individual meet their goal, but the way we traditionally communicate with them is specifically only about their 401k. I think that is doing a disservice to these folks because, broadly, there are other things they may consider— whether it’s debt management, setting up an emergency fund, or saving for college. For investors who reach certain limits, there are retail products and services that can help them meet their goals that we have not historically brought tinto mind for these participants. So that is another opportunity as we move forward: to not be inside-out thinking, but really outside-in and thinking about the participant as an investor. What is it that I need to know? What tools and resources are there to help me meet my goals that are holistic and not too focused on one particular thing? Taking that lens will allow us for more opportunities in terms of really getting folks engaged and getting them the education they need. Imagine you sit on a board of a medium sized corporation and the committee has given you carte blanche to make any single change you want to engage employees for retirement planning. Is there a specific action that works for most businesses that you’d recommend or does your answer specific to the company? This sort of applies broadly, but I think it’s a matter of how you do it and how much you invest. Ultimately, the best way to engage is through digital properties. It allows an efficient way to personalize the experience without necessarily having to rely on a human to do so. I would compare it to phone consultations and phone conversations, where it is high-touch definitely, but also high cost and also not necessarily the channel of choice for all investors. Really think about how we replicate all those interactions that are high touch and are very relevant and personalized: How do we replicate those from a digital perspective? What I recommend is that we need to have an ongoing, user-focused effort on all digital properties to bring them together. We can be thoughtful on how the website works with iPhones vs. iPad, etc. Where do we want people to get what they need from us? Being very purposeful about that and also dedicating not only funding to ongoing iterations, but also using a very customer-focused development process to help us really understand what users want—that type of process is one in which you will end up with the right digital experience and one that helps you meet your business goals. I would recommend that sort of discipline be invested in and supported and not just “one-and-done”. [Support] an ongoing nature to keep up with changes in technology as well as to keep up with changes in the expectations our customers have. n Mary Ellen Whiteman is the Head of the Individual Investor Experience at T. Rowe Price. A graduate of Loyola College, Mary Ellen has worked for 15 years with T. Rowe Price www.conferomag.com | 9