Fidelity Investments launched a new program, Plan for Life, which guides people participating in workplace retirement plans to help them reach their financial goals.
As part of Plan for Life, Fidelity is increasing the number of licensed phone representatives dedicated to helping guide participants through more complex benefits decisions by 80 percent this year. All of them will hold a FINRA Series 7 license allowing them to provide help on a broad range of needs from basic transactions and decisions to more complex asset allocation and broader retirement planning needs.
It is broadening workplace education to include onsite retirement planning consultations and is enabling on-the-spot enrollment using mobile tablets. It will open up these sessions to spouses of workers as well since retirement decisions affect more than just one individual. According to Fidelity, attendance at onsite planning and guidance sessions was up 40 percent year-over-year during the first four months of 2012.
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Fidelity is introducing Income Simulator, a new tool that will help illustrate potential retirement income, and is rolling out enhancements on NetBenefits.com, Fidelity's participant website, to improve navigation and drive more confident decisions around life events. Income Simulator gives employees a simple way to understand how their retirement savings could translate into monthly income in retirement. Participants can instantly see the potential impact of any changes they make to their contribution rates, retirement age and asset allocation.
"Plan for Life is a reflection of how our participants' needs have evolved and expanded over the years with competing financial priorities and a heavier reliance on their workplace savings plans to help them plan for retirement," said Julia McCarthy, executive vice president, Workplace Marketing, Solutions and Experience at Fidelity Investments. "Simply asking employees to save more money from each paycheck no longer addresses many of the challenges our participants are facing in today's economic environment. Plan for Life and the significant investments we continue to make in our participant experience will help them manage the complexities but simplify the decision-making process."
Fidelity Investments is one of the world's largest financial services providers with assets under administration of $3.7 trillion, including managed assets of $1.6 trillion as of July 31, 2012.
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