"When we look at the retirement market we see a trend where retirement saving is being looked at in a broader context," said Murphy.

"More sponsors are looking to empower their employees to not only manage their retirement but all of their benefits provided through the workplace. The biggest sponsors are using their corporate muscle to create broad suites of financial services at a reasonable cost to employees," added Murphy.

In his previous role, Murphy led the Mercer team that provides asset allocation and investment advice to retirement plan sponsors.

The new unit will leverage that experience, and combine Mercer's expertise in providing health care benefits and voluntary financial wellness tools.

Murphy said Mercer's ultimate vision is to create a new ecosystem of financial wellness tools that can be delivered to participants through one portal.

Workers will be able to tap tools that can help budget finances, manage student loans, understand rollover options, or bolster health benefits, for instance, all packaged at they same point where participants manage their 401(k) options.

Financial and wellness ecosystems of that extent are the norm in the United Kingdom, Ireland, and Australia. Murphy thinks that soon will be the case in the U.S. as well.

"We're trying to create a solution where participants can come and not only get access to tools that can enhance their broader financial health, but also where they can most optimally spend their benefit money, all in one single place," he explained.

Regulations in countries like Australia, where defined contribution assets equal 83 percent of GDP, much higher than in the U.S., have helped enhance the overall defined contribution market and the movement to put workers' retirement fates in their own hands. So has access to comprehensive benefits ecosystems, says Murphy.

Mercer's new unit is wagering sponsors of all size can drive enhanced retirement outcomes and overall financial wellness if their workers had access to a comprehensive benefit option.

Murphy likens the concept to an Amazon-like experience for workers, where a platform can use analytics and demographics to drive specific options and tools to specific participants.

"We're setting out to create an ecosystem that addresses generational needs. Savers financial lives dynamically change with age. Younger participants may be fine with automated advice, but as people get closer to retirement they may feel more comfortable with personalized, one-to-one human advice," said Murphy.

That type of diversified capability that can deliver both tech-driven and human solutions is difficult for employers to implement now, because it means going to different vendors to mine solutions.

Key to designing the Amazon of workplace benefits will be creating a platform that spurs employee engagement, said Murphy.

"Refining the technology to make for the best user experience is the hardest part of the plan. If you can't produce an environment that is engaging and simple to use, it will fall flat," he admitted.

Mercer consults with some to the country's mega retirement plans, but the firm also has more than 5,000 clients in the small and midsize space, with $5 million to $100 million in plan assets.

When the platform is finally designed, Murphy envisions its utility and value for all plans, not just the country's biggest.

"This is where the financial services business is headed," thinks Murphy. "It will make it easier for people to engage and take control of their own future. And it will create a financially healthier workplace, which will be good for sponsors."