Empowering plan members: A collaborative approach to strengthening financial wellbeing
Published on September 24, 2025
As a plan sponsor, you are in a strategic position to influence and guide your plan members on this journey. However, achieving meaningful engagement requires a collaborative effort between plan sponsors, advisors and providers. Together, we can create a comprehensive strategy that not only educates but also inspires plan members to take control of their financial future.
Understanding your plan members’ needs
The first step in fostering engagement is understanding the diverse needs of your plan members. Each plan member is at a different stage in their financial journey, with unique goals and challenges. As a provider, our role is to work closely with you and your advisor to gain insights into these needs. By doing so, we can tailor our approach to ensure that every plan member receives the support and resources they need to succeed.
Multi-level education: A tailored approach
One of the most effective ways to engage your plan members is through targeted education. A one-size-fits-all approach is unlikely to resonate with a diverse plan membership base. Instead, it’s best to offer an education program based on life stages, such as student, early career, mid-career, caregiver, pre-retirement and retirement. This approach ensures that your plan members receive relevant information that aligns with their current life circumstances and financial goals. By addressing the specific needs of each life stage, we can help your plan members make informed decisions that support their long-term financial wellbeing.
In-person and online learning opportunities
Hosting events and setting up kiosks in the workplace provide your plan members with the opportunity to engage directly with experts, ask questions and gain insights into complex topics. These events can cover a range of subjects, from retirement planning to the basics of budgeting, offering practical advice and fostering a deeper understanding of financial concepts. Similarly, online webinars offer flexibility and accessibility, allowing your plan members to participate from anywhere, at their convenience.
Multi-channel delivery: Reaching your plan members where they are
In today’s digital age, information delivery must be as diverse as the plan members we serve. By using multiple channels—email, SMS, in-app notifications and, yes, traditional mail—we can cater to individual preferences and ensure that important information reaches every plan member. Furthermore, we should recognize that people learn in different ways, offering content that “speaks” to visual, auditory and kinesthetic people. This inclusive approach maximizes engagement and retention of information.
Effective communication: The art of microlearning
In a world inundated with information, brevity and clarity are key. By employing infographics, videos and concise information pieces, we focus on microlearning—delivering bite-sized, easily digestible content that plan members can absorb at their own pace. This method not only enhances understanding but also encourages continuous learning and engagement.
Holistic support: Beyond financial planning
Financial wellbeing is intrinsically linked to overall health and wellness. To support this, as a provider we offer access to health coaching, mental health apps and comprehensive financial planning resources. Additionally, plan members could also benefit from personalized guidance and support provided by a licensed advisor.
Community building: Learning from peers
Encouraging employee-led groups or forums, such as an ambassador program, fosters a sense of community and shared learning. These platforms allow plan members to share experiences, best practices and insights, creating a supportive network that enhances engagement and motivation.
Tracking and feedback: The path to continuous improvement
To ensure deployed efforts are effective, it is important to actively monitor the usage of tools, attendance at events and plan members’ feedback. This data-driven approach is essential to continually refine our materials, offerings and user experience. By listening to plan members, we can adapt and evolve, ensuring that strategies remain relevant and impactful.
A collaborative journey to financial empowerment
The journey to financial empowerment is a collaborative effort that requires the active participation of plan sponsors, advisors and providers. By working together, we can create an environment where plan members are not only informed but also engaged and motivated to take control of their financial futures. Through tailored education, diverse delivery methods and holistic support, we can empower plan members to achieve their long-term retirement savings goals, ensuring a secure and prosperous future for all.
This article was published in June 2025 in The Observer, the magazine of the Association of Canadian Pension Management (ACPM).