Frequent questions and answers
A proven engagement formula We understand that successful engagement requires two equally important factors:
- Intuitive design and communications expertise ensure that we simplify complex information and streamline the participant journey, making it easy for participants to understand and act.
- Sophisticated technology enables us to efficiently integrate demographic, behavioral, financial and transactional data sources to create personalized experiences that lead to frictionless transactions.
- Established integrations with recordkeepers representing 70% of the DC market.
- Proven expertise in the retirement plan market segment.
- Extensive experience communicating in highly regulated markets.
- Your brand logo and color palette are featured throughout the experience.
- Customizable content is adapted to your brand’s voice and style.
- Your existing participant-facing digital channels are integrated into the platform for a seamless user experience.
- Identifying and analyzing the experience requirements.
- Reviewing and approving the experience(s).
- Configuring the experience(s).
- Identifying the data and connection type.
- Setting up data and connection sharing, testing, training, and acceptance.
- With the integration of demographic, behavioral and transactional data, the platform selects the next best step for each participant, delivering the right message to the right person at the right time.
- Each solution offers customizable content and targeted insights that increase participants’ confidence to make informed decisions.
vWise data security:
- Implements secure cipher suites and protocols to encrypt in transit and at rest traffic.
- Configures firewalls based on industry best practices.
- Aligns with AWS Security Groups to block unnecessary ports.
- Performs automated vulnerability scans on our production hosts.
- Remediates vulnerabilities that present a risk to our environment.
- Enforces screen lockouts and usage of full disk encryption for company laptops.
- Contracts with respected external security firms to perform regular security.
- Employs continuous hybrid automated scanning of our web platform.
vWise also provides access to data and digital features that you can use to help your firm stay compliant.
- Electronic distribution of regulatory notices, agreements, fee information and disclosures ensures the timely distribution of all necessary documentation.
- Audit-trails give you access to every plan-related action taken by participants over time and sends that data back to the recordkeeper so all systems remain in sync.
- Confirmation of communication delivery and proof of consumption for compliance reporting exceed 404 (c) requirements.
- Integrated systems automatically sync participant data. If a plan is integrated with a recordkeeping platform, vWise can collect, aggregate, manage, store, and update plan and participant data through the single sign-on (SSO) authentication process. This option supports a faster implementation process.
- Non-integrated systems receive data through batch files first, then syncs. When integration is not available, vWise can also collect data from multiple systems before it updates participant profiles. While this option is not automatic and immediate, it is faster and more efficient than collecting data directly from the recordkeeper.
- Provides automatic integrations with SRT, OMNI, Relius and DST recordkeeping systems.
- Supports Secure FTP and API data file formats.
- Offers data exchange frequencies based on client program needs.
- Allows to clients decide who executes the authentication process and who hosts the experience.
- Guide you through the onboarding and implementation process.
- Work with you to develop the best strategies to help you reach your goals.
- Serve as your strategic partner by leveraging analytics to continuously improve plan performance.
Our Adopt solution:
- Brings together data from multiple sources to deliver personalized messages that inform, motivate and prompt participants to say “yes” to your product.
- Links participants to a wide range of financial products and services — from managed accounts to annuities to financial wellness programs.
- Makes complex products easy to understand, motivating participants to learn about and adopt your products.
- Tracks and reports participant transactions directly back to you.
Phase I: Discovery + Immersion Together, we will define goals and requirements, confirm a list of key deliverables and review any specific challenges and gaps.
Phase II: Statement of Work + Timeline Next, we will use the information created in Phase I to create a full Statement of Work, which will serve as our guide for the design and implementation of your project.
Phase III: UX Strategy and Design Here we will identify and prioritize the content and data to be used in our communications, and preview how everything will look and function.
Phase IV: Data. Definitions / Specifications We will work with your team to define data specifications and the delivery process, —according to best practices.
Phase V: Visual Design Using a combination of graphic, visual, user interface and interaction design, we develop a look and feel that incorporates your brand identity, standards and strategy. This includes incorporating color, typography, space, imagery and graphics from your brand guidelines to align the user experience.
Phase VI: QA / Testing In this final phase of implementation, we coordinate functional QA testing, followed by functional User Acceptance Testing (UAT), in accordance with established workflows.
- We work with you to identify which calls-to-action lead to the transactions you need to optimize outcomes–from enrollment to increasing deferral rates to product adoption.
- You determine the specific order and frequency of messages you want to offer clients based on service level, plan size and other factors.
- You can also offer additional messages that prompt participants to engage with a wide range of financial wellness resources, products and services beyond the plan, such as managed accounts, annuities, budgeting, and debt management services to name a few.
- Participation rates have increased up to 30%.
- Average deferral rate for first-time enrollees is over 8%.
- Existing Participant deferral rates increase by 88% on average.
- 65% of participants who engage with the platform complete a transaction.
Additionally, our solutions provide you with an audit trail of every employee online session. All employee education session data, investment choices and deferral elections are recorded. Employee education data includes individual pages viewed, modules completed, date, time, and device type for each session. Permanent records of employee education, plan information viewed, data submitted, and other interactions help plan sponsors prove they are meeting their fiduciary responsibilities.
Dashboards, reports, and analytics provide a comprehensive view of retirement plan performance and participant activity.