The notion of a ‘normal retirement age’ for employees is becoming a thing of the past. Factors like increased life expectancy, demographic shifts, frequent career changes, and the emerging trend of multi-stage living are changing the way employers perceive group retirement planning.
Amid this state of flux, Open Access, an independent Canadian firm specializing in group retirement services and pension plans, is on a mission to shape a new paradigm. Its assistance to HR professionals eases the alignment of group retirement plans with the evolving needs of a modern workforce.
Offering a simplified range of globally diversified asset allocation portfolios managed on a discretionary basis, facilitating seamless onboarding and administration of the plans, and increasing financial awareness among employees are significant parts of Open Access’s strategic approach to ensuring better group retirement outcomes.
“We take the time to guide both plan sponsors and plan participants, helping them comprehend the program’s features and benefits. Our goal is to relieve HR professionals of the administrative burden of managing group retirement plans allowing them to focus on other strategic priorities internally. Through good governance and communication, we continuously work with plan sponsors to ensure their plans align with the needs of their workforce,” says Ryan Spaulding, President and CEO of Open Access.
In a time where many companies are looking to enhance their total rewards programs, many employers across Canada are gravitating toward experts who specialize in distinct areas, and Open Access is ideally situated to deliver unparalleled expertise in its niche.
Financial Literacy for Effective Retirement Planning
From a corporate viewpoint, Open Access’s structure and fiduciary duties are designed to alleviate plan participants from having to make complicated investment decisions and drive better retirement outcomes. Rather than expecting employees to navigate intricate investment decisions, Open Access assumes this responsibility, mitigating the administrative burden. This focus ensures it’s not only providing specialized service from the onset of the onboarding process but also contributing to a more streamlined investment experience for employees.
An essential element of this strategy involves guiding employees—or plan participants—toward a better understanding of their retirement goals and fostering a broader consciousness surrounding the topic.
Our goal is to relieve HR professionals of the administrative burden of managing group retirement plans allowing them to focus on other strategic priorities internally.
In tandem, Open Access makes a concerted and conscious effort to design and curate impactful financial wellness programs for their plan members. They see the desire for this type of programming as a positive trend in the group retirement and pension space and they recognize the powerful impression it has on the day-to-day mindset and behaviours of plan participants. The content is directly overseen by Cindy Marques, Director of Financial Planning and Education to ensure it offers a detailed and simplified understanding of intricate financial concepts. The team has amassed a vast video library to support self-paced learning. The web content is complemented by monthly workshops and webinars, customized to address specific concerns and interests of employees, gathered through member surveys. Collaborating closely with plan sponsors and participants helps Open Access get a pulse on what’s important to their culture and what topics they would like to discuss.
“When employees feel confident about their paycheque, they show up to work each day inspired and motivated to earn that paycheque,” says Marques.
Navigating Away from Legacy Group Retirement Plans
Another compelling advantage lies in Open Access’s market competitiveness, readiness, and commitment to securing the retirement future of its plan members. It recognizes that many legacy retirement and pension plans need to undergo frequent formal governance checks even if there are no apparent problems. These checks involve discussions on the capital accumulation plan governance report and planning for the future. Only when periodically reviewed, the high fees, confusing options, burdensome administrative processes, lack of governance, and complexities related to its onboarding and offboarding are visible. This identifies opportunities to increase participation, communication/education and introduce new plan designs, ensuring ongoing plan optimization.
Open Access also offers high-level financial planning at the employee level, which helps employers attract and retain top talent in a competitive marketplace. The firm proactively educates the workforce on financial awareness and literacy topics, such as saving, preparing, transitioning into retirement, and navigating life after work. This helps employers enhance their workforce’s financial preparedness, and foster long-term loyalty and satisfaction.
Diversified Portfolios for Better Retirement Outcome
From conservative to aggressive, nine globally diversified asset allocation portfolios are thoughtfully crafted and incorporate renowned institutional investment managers to align with each employee’s retirement ambitions. Open Access specializes in providing unbiased and conflict-free money management. Their client driven philosophy delivers competitive performance, net of fees, over various market cycles.
The pre-designed diversification of the portfolios allows employees to bypass the arduous task of individually researching and selecting investment options. Open Access furthers this efficiency by engaging top-performing money managers globally. These managers, signatories of the United Nations Principles for Responsible Investment (UN PRI), embody exceptional corporate citizenship while promoting strong environmental, social, and governance practices. This transparent, hands-off approach enables employers to focus on their core business responsibilities, confident that their employees’ investments are managed by top-tier experts.
Empowering Employers with a Comprehensive Onboarding Approach
A holistic onboarding process helps Open Access increase employee engagement and adoption rates from day one. After understanding employees’ current situations, retirement goals and risk tolerance, the firm collaborates with employers in delivering a hands-on implementation experience not often seen in industry. Branded communication, digital onboarding, and education on the benefits of the plan has been well received by employees and shows that their employers care about their retirement outcome and life after work.
Creating implementation timelines with key dates and deliverables, the firm’s approach includes on-site and virtual sessions, follow-ups, and one-on-one interactions with plan participants.
It also supports employees in maximizing their savings and investment strategies by providing user-friendly member portals with tools and calculators for retirement planning purposes. High-level financial planning topics delivered virtually on a monthly basis encompasses various topics, including budgeting and cash flow management, understanding debt products, retirement planning, saving for retirement, and tax and estate planning. The built-in financial calculators let employees calculate their retirement income plans and readiness.
-
When employees feel confident about their paycheque, they show up to work each day inspired and motivated to earn that paycheque.
As part of legacy plan optimization, complimentary health checks are conducted for existing retirement plans that have not been reviewed for some time. The checks are tailored for organizations with plans that carry high fees, complex investment menus, and pose risks to retirement outcomes. A thorough analysis of various plan aspects—such as costs, plan design gaps, investment options, tools, and resources—identifies areas for improvement and increased engagement. Open Access reduces unnecessary investment management fees, ensuring employees can maximize the potential of their contributions.
Blazing a Trail through Client Success
A dedicated team with average tenure of over 10 years with Open Access, their experienced team always goes above and beyond to provide exceptional service to its clients.
The company strongly emphasizes ensuring individuals’ financial security, aiming to provide them with ample resources to lead fulfilling retirement. It prioritizes the well-being of plan participants, striving to deliver good retirement outcomes and acting as responsible custodians of corporate-sponsored plans.
Open Access takes pride in the consistent service provided by dedicated relationship managers, client service, and executive teams. The enduring tenure of its staff members is a testament to the firm’s commitment to excellence in retirement planning. This continuity fosters strong relationships and instills trust.
Driven by these facets, Open Access stands out among its market contemporaries as a frontrunner in group retirement and pension plans. The company is expanding its financial wellness and planning programs while leveraging technology to enhance the member experience. It aims to collaborate with more employers to improve digital onboarding technology, ensuring a seamless and efficient process.
Recognizing the industry has changed over the last 10 years, Open Access is committed to constantly evolving to prepare for the next ten years. Combining a deep understanding of retirement planning intricacies with a commitment to enhanced member and sponsor experience aided by a hands on approach, good plan design and technology improvements, Open Access is setting a benchmark for guiding employers and employees toward secure and prosperous retirement futures.
