After a 10 month product and research collaboration with Duke University’s Common Cents Lab, Retiremap is relaunching its financial wellness platform under the moniker Retiremap 2.0.
The new vision of Retiremap is “based on a close collaboration with renowned behavioral economist, New York Times bestselling author, Wall Street Journal columnist and James B. Duke Professor of Behavioral Economics at Duke University, Dan Ariely.”
“We usually think that the best cure for bad financial decisions is financial literacy. Just teach people, and all will be solved. Sadly this is not the case, and even worse, the evidence is that financial literacy’s effectiveness is close to zero,” Ariely suggests. “What we need is a system that takes the complexity of financial decision making, breaks it into actionable components, and coaches us on taking one step at a time. This is what Retiremap is designed to do.”
Retiremap 2.0 is more than a financial wellness program, according to the firm: “It is a technology platform that works to improve financial well-being using key insights from the field of behavioral economics. [The program] uses employees’ data to deeply personalize their path to financial wellness, while automating and scaling many of the most impactful aspects of adviser-employee interactions, including confidence-building, trust and the perception of value. Additionally, in the situations where it makes sense, employees can easily connect live with their retirement plan adviser through any number of channels.”
Retiremap 2.0 will be made available to a limited group of retirement plan advisory firms. The selection process will be announced during a September 22nd webinar. In addition to exclusive access to Retiremap 2.0, selected firms will be able to demonstrate financial wellness thought leadership with exclusive access to some of Duke and Retiremap’s key research findings.