Wendy Eldridge

Retirement Plan Advisor, Carnegie Investment Counsel

Business at a Glance

PLANADVISER: How has your retirement plan practice evolved over the past three to five years? What strategic decisions most changed your growth trajectory or client impact?

Eldridge: Over the past three to five years, our retirement plan practice has evolved in a way that has allowed us to be much more efficient and intentional with how we spend our time.

One of the most important strategic decisions we made was to embrace advanced technology platforms to reduce time spent on administrative and manual processes, allowing us to redirect that time toward participant outcomes and deeper client engagement.

We’ve streamlined a number of areas, including reducing manual tasks; improving how we develop communications, education presentations and marketing campaigns; and eliminating paper processes like beneficiary forms.

We’ve also expanded how we connect with participants by using social media and short-form content. It’s another way to meet participants where they are and deliver information in a way that actually fits into their day.

Those changes may seem operational and communication-focused, but they’ve had a meaningful impact on both growth and client outcomes. We’ve been able to shift our focus away from administrative work and spend more time where it matters most, on participants.

That means more time helping employees take full advantage of their retirement plan and the broader services we provide, while also allowing us to be more proactive with plan sponsors.

At the same time, these efficiencies have strengthened our fiduciary process by ensuring details are addressed, decisions are documented and plan sponsors feel confident in the oversight of their plan.

We didn’t just become more efficient. We became more effective where it actually matters.

PLANADVISER: What’s one lesson you’ve learned the hard way as a retirement plan adviser—and how has it changed your approach?

Eldridge: One of the biggest lessons I’ve learned the hard way is that just because someone understands why they should be saving doesn’t mean they’re able to.

Early in my career, my focus was on explaining the importance of contributing to the plan. If there was a match, I talked a lot about not leaving free money on the table. I spent a lot of time making sure participants understood why they needed to be saving.

What I’ve learned over time is that life happens. And sometimes it hits hard. You can know exactly what you should be doing, but financially, you may not even have an extra dollar to contribute.

This has changed my approach. Instead of leading with what someone “should” be doing, I start by listening. Understanding where they are and what they’re dealing with matters more than anything I could say.

I believe good advisers have to be just as good at listening as they are at advising if they want to truly help people move forward. When participants feel heard, trust can be built, and that’s when the real conversations can begin.

PLANADVISER: How do you engage participants across different life stages and income levels? Include frequency, delivery methods, and how your services are paid for.

Eldridge: There are clear differences not only across life stages and income levels, but also across generations.

It has become more important than ever to meet participants where they are. After working directly with participants for more than 25 years, I’ve seen how needs evolve.

Early-career employees are often balancing day-to-day expenses while figuring out where to start. Mid-career participants are juggling priorities like families, mortgages and college savings. Those closer to retirement are focused on whether they’ve done enough and what comes next.

Income level adds another layer, especially when financial stress is in the conversation. Because of this, materials and communication strategies need to be tailored. Younger generations expect technology and tend to engage with short, simple content they can access on their own time. Older participants are increasingly comfortable with technology, but still value more structured education and the opportunity to ask questions in a more personal setting.

What hasn’t changed is the importance of connection. Regardless of age or income, participants still want to talk to someone about their specific financial situation. Trust remains at the forefront. We support this through group education, one-on-one meetings and consistent communication throughout the year. We also offer access to a Certified Financial Planner professional and financial planning.

Our services are paid transparently through the plan, the plan sponsor or a combination of both, with no additional cost to participants.

PLANADVISER: What participant behaviors are hardest to change—and how are you addressing them? (e.g., low deferrals, leakage, disengagement, financial stress)

Eldridge: The hardest behaviors to change right now are financial stress and short-term decisionmaking. Most participants are not making poor choices because they do not care. They are making them because they are overwhelmed, scared and focused on immediate financial needs.

With so much information readily available, employees are constantly hearing things like “we are headed into a recession” or “the market is going to crash.” This can create a snowball effect. Participants stop contributing, change their investments at the wrong time, or take loans and early withdrawals.

The focus with my plan sponsors has been on education and communication. We are providing short, easy-to-digest content such as three-minute articles on budgeting, emergency savings and long-term investing. Plan sponsors have also embraced not just group education meetings, but on-site, one-on-one meetings during the workday. We are seeing that when participants engage in even one conversation, they are more likely to increase deferrals or stay invested during volatility.

I have found that one of the most powerful things an adviser can do right now is simply listen. When participants feel heard, they are more likely to take action and stay on track.