Employee financial wellness company Retiremap has released a financial coaching platform combining human and robo-advisor elements. Developed with Duke University’s Common Cents Lab, Retiremap Platform uses behavioral insights to maintain the human element while automating just-in-time communications to provide an affordable and scalable financial coaching program.
The eight-week Retiremap System employs behavioral economics best practices to encourage accountability, goal creation and progress, confidence and mental accounting. After prototype testing it has been adopted by a group of companies and advisors including Channel Financial.
“Our mission is to help more underserved populations tap into critical financial guidance,” Retiremap CEO Matt Iverson said. “It is clear that financial education has failed to impact employee behavior over the last three decades. However by turning retirement plan advisors into financial coaches using automated technology and behavioral strategies, we are moving the needle for the populations that need it most.”
“Numerous studies indicate that financial education has minimal long term effects on changing financial behaviors,” Channel Financial partner Matt Gulseth explained. “Most of the financial wellness programs we evaluated have been based on the faulty premise that education changes employee behaviours. It doesn’t. We are working with Common Cents Lab and Retiremap because they are creating behaviorally sound protocols that change employee behaviors.”