The retirement industry continues to seek ways to better engage participants with the retirement planning process and more effectively communicate the status of their portfolios. As a result, the retirement portfolio summary user experience has evolved and resulted in three key trends: the rise in distinct homepages and account-specific dashboards, increased dashboard or homepage retirement readiness content and the integration of more personalized communication strategies.
The homepage and account dashboards are easily among the most critical components to an effective digital participant experience, and we recently published a dedicated report on the topic, and will soon publish our annual Retirement Plan Monitor Awards which includes a Participant Homepage & Dashboard category.
Traditionally, most firms offered an all-inclusive homepage summarizing participants’ DC plans along with any other retirement accounts they held at the firm. Today, many firms are pivoting to segmenting the portfolio and account summary information across dedicated pages. For many firms, this new strategy is directly linked to the evolution of robust and intuitive online retirement readiness communication. This information supersedes any individual account, and therefore belongs on a portfolio-focused page. Since our last participant homepage-focused report in November 2015, three firms revamped homepages and now implement this multi-page approach: Empower Retirement, T. Rowe Price and Voya Financial. AXA, added to the Retirement Plan Monitor coverage set in January 2017, also employs the multi-page approach.
T. Rowe Price Homepage (Truncated)
The continued evolution of retirement readiness analysis and communication strategies is and continues to be one of the most prominent trends in the digital retirement space. The industry-wide focus on this information is reflected in its increased prevalence on homepages. In the November 2015 RPM Report on participant site homepages, 63% of firms provided an income projection on the homepage and 21% provided a retirement readiness tool. Today, 85% of firms position a retirement income projection directly on the homepage and 50% offer a tool that allows users to model the impact of making account adjustments or provides actionable advice and links to execute recommended changes.
Wells Fargo Homepage Retirement Income Estimator
Recordkeepers have tried to make participant websites, and homepages and account dashboards in particular, more personalized. These efforts can make participants feel more connected to and supported by financial institutions, which encourages them to become more engaged with their retirement plans. This year, T. Rowe Price, TIAA, Fidelity and Vanguard all incorporated participants’ names on homepages or dashboards and added suggested educational content or action items based on their demographic information and financial circumstances.