- Since individuals are selecting their own priorities at the onset, is there any nudging to steer them so the selected goal is the ideal goal?
Initially, we do not nudge them towards a specific goal, because that undercuts their agency in the program. We want to first learn what they perceive to be most important and then work with them based on a clearer understanding of their situation.Part of the coaching process is for the coach to assess whether the goal that the employee selected is feasible. This assessment happens at both the beginning and end of the initial conversation.
To provide an example of a goal that may seem on the surface to be not ideal, and employee who has $10,000 in credit card debt may select “buy a car” as their top goal. However, after an initial conversation, the coach may come to realize that the employee’s current car is close to breaking down and without their car they are unable to get to work. In this situation, the coach may suggest that the employee does go ahead and find a replacement vehicle, but one that is used, reliable, has a decent resale value and has a historically low maintenance cost.
- It appears that an employee can select a goal and get matched with an advisor then transferred to another advisor when they realized they had a significant amount of debt, but is this an active assessment to understand their holistic financial situation? Or can you use employer data feeds to customize suggestions of certain goals?
Yes, we do actively assess employees, though we also ask questions in the onboarding process to gather details on consumer debt, household income, key financial accounts, etc. If we have employer data feeds, we can use them to reduce the number of questions, while also building a clearer picture of the employee’s situation.
We do not suggest goals at the outset, because that undermines the feeling of self-determination that employees bring to the program. If we dictated a specific goal, and the employee had previously considered that goal and dismissed it, our recommendation would lose credibility and the employee would then disengage from the program. It’s a wiser approach to let them select their top goal without trying to steer them in a certain direction and then have a live or online discussion to try a different goal first. Our objective is to get them to take action, and in order to do that, the employee’s intrinsic motivation must be high. By assigning a financial goal to employees, we would undercut their motivation for participating in the program, even if it was the correct goal.
- A couple members of our team are based out of Canada and they were hoping you could share more background about your services there. Do you currently have clients in Canada and can you share feedback on their experience? Are the coaches used for those populations also in Canada so they are familiar with the rules?
The Moneymap approach is a nearly universal system to get employees to take action. It can be applied to any country, through english-speaking countries are the easiest for us to adapt to.
At present, we do not have clients implemented on Moneymap in Canada, however, it wouldn’t require too much effort to adapt the program. We’d need to update the types of account options that are available, some of the product recommendations (e.g. high-interest savings account), and some of the benefits. And ideally, we’d work with a team of Canadian financial counselors, though could start with our US-based team of trained coaches.
- Can the content that participants are directed to be customized by client? For example, if our client is a bank they would not be okay with their employees being directed to set up an account at a different bank.
Yes, we can customize content and calls to action at an employer level.
- Is Retiremap still an ongoing product offering or is Moneymap the next evolution of it that was simply rebranded? If it is an ongoing product, what are the main differences?
Retiremap is the product for sophisticated retirement plan advisory firms that want a way to efficiently scale up their engagement with employees.
Since Moneymap uses our own coaches to support employees, it is both a technology platform and a service. With Retiremap, the retirement plan advisors serve as the coaches, so we are just providing them with training and the technology platform.
Retiremap and Moneymap share the same backend technology. The products are also similar, though currently only Moneymap uses video messages from the coach.
- You noted that a particular coach could service ~1,000 participants and that coaches typically work with participants from multiple employers simultaneously. Since one of your strengths lies in the coaches ability to drive engagement in other employer benefits could you provide additional detail how the coaches’ are trained or informed on those other benefit offerings?
When we onboard a new employer, we gather details on all their key benefits, and particularly the ones that they want to drive adoption around. Part of the solution to drive engagement is to highlight for the coach in an online first conversation script or initial assessment (if they’re not going to be speaking directly with the employee), that the employee needs to fill a benefits gap. This pops up based on employer’s unique benefits goals and the employee’s utilization of those benefits.
Based on this automated flagging built into the coaching process for the coach (so that they don’t have to do a lookup on each employee) the coach collaborates with the employee to assign a “To Do” to fill the benefits gap. Once the coach and employee agree that the benefits “To Do” makes sense, then the To Do appears in the employee’s personalized To Do Dashboard and the coach follows up to make sure that the employee completed their To Do.
In short, the methodology that we’ve developed ensures that the correct To Dos are suggested, based on the employer’s benefits data and objectives that are gathered during the sign up process.