DES MOINES, Iowa--(BUSINESS WIRE)--A coach knows the rules, teaches the plays and helps the team succeed. That’s exactly the aim of My Virtual Coach, a new interactive resource from the Principal Financial Group®. It helps individuals see the big picture so they make successful, informed decisions about their retirement savings for the future.
My Virtual Coach is a personalized enrollment and education experience for retirement plan participants of The Principal®. The solution works by holding a web-based, interactive conversation with individuals and infusing some humor and fun along the way. It takes the often overwhelming topic of retirement savings and simplifies it through visuals and a casual tone from a human voice.
In less than 10 minutes, the resource walks participants through scenarios and empowers them to take immediate action as they step through the enrollment process. The mobile-friendly solution appeals to all employees, particularly millennials, who want to receive information anytime and anywhere. It complements the new hire process for retirement plans of all sizes, including employers with remote workers or locations nationwide.
“From our work with millions of plan participants, we know individuals want to make good choices but they don’t always know what actions to take. People who know more are more confident, and confident people make good decisions,” said Jerry Patterson, senior vice president of retirement and income solutions at The Principal. “It’s this simple logic that guides how we empower individuals to think more long-term about their life and how they want to live it in retirement—and in a way that’s not boring or overwhelming.”
The cutting-edge technology behind My Virtual Coach is designed to help employers explain complex information to their employees. The program delivers practical assistance and support throughout the decision-making process.
“My Virtual Coach really is a game-changer in the retirement space due to its level of personalization, regardless of plan size,” Patterson said. “By delivering a customized, human experience, we’re battling powerful behavioral barriers that make it hard for us to start saving in the first place.”
My Virtual Coach is the latest enhancement to the online participant experience and an extension of Principal® PlanWorks, an approach to workplace retirement readiness that includes capabilities and services designed to help make retirement plans work better for both participants and plan sponsors. Principal PlanWorks is made up of three key pieces—plan design, participant experience and strategic measures—to help drive successful retirement outcomes.
About the Principal Financial Group
The Principal Financial Group® (The Principal®)1 is a global investment management leader offering retirement services, insurance solutions and asset management. The Principal offers businesses, individuals and institutional clients a wide range of financial products and services, including retirement, asset management and insurance through its diverse family of financial services companies. Founded in 1879 and a member of the FORTUNE 500®, the Principal Financial Group has $516.2 billion in assets under management2 and serves some 20.6 million customers worldwide from offices in Asia, Australia, Europe, Latin America and the United States. Principal Financial Group, Inc. is traded on the New York Stock Exchange under the ticker symbol PFG. For more information, visit www.principal.com.
1 “The Principal Financial Group” and “The Principal” are
registered service marks of Principal Financial Services, Inc., a member
of the Principal Financial Group.
2 As of Sept. 30, 2015