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Communicating Retirement Benefits to Millennials the Way They Like

Communicating Retirement Benefits to Millennials the Way They Like. The Plan Sponsor University (TPSU) held a Fiduciary Education Program at the University of California Berkeley, Berkeley, California.   Fred Barstein, Founder, and CEO of the Plan Sponsor University (TPSU) discussed Retirement Plan Benefits with Charlene Lawson, Director of Planning at her Not-for-Profit organization.   There are approximately 30 employees at her organization and millennials make up a large percentage of the employee base.  Ms. Lawson discussed the importance of properly communicating with millennials.  She shared there is an appropriate method for communicating with millennials.  Ms. Lawson indicated that their firm has found the correct way to communicate with millennials.  That is the way, millennials prefer!   And, their millennials are doing well!

Full Transcript Below:

Fred Barstein:               Hi, this is Fred Barstein with 401k TV. Just completed a TPSU program at UC Berkeley. Foggy in the morning, beautiful now, right?

Charlene:                     Right.

Fred Barstein:               And I’m with Charlene. Welcome, Charlene.

Charlene:                     Thank you.

Fred Barstein:               Okay if we ask you a few questions?

Charlene:                     Sure.

Fred Barstein:               Okay, before we do, just tell us a little bit about yourself and your role and the organizations that your work with.

Charlene:                     Well, I am a Director of Planning for a small non-profit in San Francisco.

Fred Barstein:               Alright.

Charlene:                     Roughly 30 employees.

Fred Barstein:               Yep.

Charlene:                     And we have the opportunity now, with the new partnership that we’ve just begun with a bit of a larger firm, to grow the benefits that we have for employees.

Fred Barstein:               They’re in Chicago you said, right?

Charlene:                     They’re actually in San Francisco, they have a local office, as well.

Fred Barstein:               They have a local office there, too. So, one of the things that you mentioned was about millennials, right?

Charlene:                     Yes.

Fred Barstein:               And how they’re doing well and they’ve got some advantages. So, tell us about that.

Charlene:                     Well, we find that with millennials they are a large part of the workforce. They are very forward-looking and they have clear expectations of what they want in their career. So, we want to be able to meet those expectations and provide them with insurance so they can make good decisions.

Fred Barstein:               Right.

Charlene:                     They like things differently than other generations do and we find that they’re tech-savvy, they’re ready to seek information, they’re on their smartphones all the time, and we want to make their plan benefits accommodate able to that kind of attitude.

Fred Barstein:               Right. And they talk to each other, maybe not vocal talk, but they communicate with each other.

Charlene:                     Well, and they do the vocal talk, as well, when they ever turn those screens away. Word of mouth is very important to them because they believe in, just like with the apps that they use, Yelp and other review apps, that they want to compare the experience that others have to help make them make decisions.

Fred Barstein:               Right, but there’s also a bit of a fear with millennials, right? Can you explain that?

Charlene:                     Well, the fear for them, I think, just has to do with beginning something new.

Fred Barstein:               Yeah.

Charlene:                     And they want to know that someone’s there to provide information, to give them guidance, and to answer their questions. They’re not afraid to ask questions along the way.

Fred Barstein:               Right.

Charlene:                     But we want to make sure that we’re ready to answer.

Fred Barstein:               Right. So planning for retirement, even though the smartphone gives a lot of information, they still want to talk to somebody, right?

Charlene:                     Absolutely and for them, I think retirement planning is much more because it’s about developing and growing wealth.

Fred Barstein:               Right.

Charlene:                     Whether you’re, you know, 30 years away from retirement or less.

Fred Barstein:               We could all learn more about that, can’t we?

Charlene:                     Absolutely.

Fred Barstein:               Alright, very good. Well great. A couple of things you learned today? Is this your first program at TPSU?

Charlene:                     It’s my first TPSU program, it was just chock full of great information because for me it’s all about taking ideas and concepts back to the workplace, selling them really to my leaders and to the employees, as well, so that they have a better understanding. And I can approach each of their unique demographic interests and explain it to them in a way that would be beneficial to them.

Fred Barstein:               Great. Well, good. Well, thanks for your time today.

Charlene:                     You’re so welcome.

Fred Barstein:               Thank you. And thank you for watching 401k TV. Stay tuned.


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