IFEBP looks at how emotional, social and cognitive factors can be used to help participants better prepare for retirement and suggests 10 ways sponsors can employ behavioral finance in their retirement plan.
The tool groups consumers into microsegments based on characteristics and behaviors, allowing employers to then create targeted communications for HSAs.
It also includes behavioral finance, educational and video sections.
The solution will focus on behavioral change by providing personalized wellness plans, according to MetLife.
Through the Behavioral Financial Advice Training Program, Ladenburg’s Practice Management team of professional business coaches provide education and training in order to support advisers in better understanding the psychological makeup of their clients.
The software includes a Behavioral Risk Survey that advisers can give to retirement plan participants.
Upon review, the correlations between financial education and improved financial behaviors is often better explained by other individual difference factors that were not measured in a given study, such as familiarity with numerical concepts, financial confidence, and willingness to take risks.