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The Benefits of Personalization in Defined Contribution Plans

October 25, 2023

Defining Value in Managed Account and Financial Wellness Programs and Features

New research from Cerulli with support from Edelman Financial Engines finds that as the needs of plan participants shift and expand, many stand to benefit from more personalized services, including financial wellness, financial planning, and managed account programs. With an array of personalized financial services and providers from which to select, plan sponsors must determine which type of personalized solution(s) and which solutions provider(s) are the best fit for their plan participant base. 

Key Findings

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Personalization is Paramount

With increasingly diverse participant populations, addressing the needs of participants requires programs and features that can fill in gaps left by traditional offerings.

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The Value of Human Touch

Many plan sponsors express a preference for personalized financial solutions that offer participants the ability to speak with a financial advisor.

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The Impact of Managed Accounts

Transitioning from the asset accumulation phase of a participant’s life to the decumulation phase introduces significant complexity. Managed accounts may offer greater support than traditional options.

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