Financial advisors specializing in retirement planning have a new, untapped market: retirement plan participants looking for virtual and self-serve courses in their area of specialization, according to a new study from Schwab Retirement Plan Services.
Schwab found that prior to and during the ongoing Covid-19 pandemic plan participants gravitated towards online retirement planning courses because they were conveniently available on demand.
One-third of all plan participants in Schwab’s 2020 education sessions reportedly elected to view virtual material at a time of their choosing, rather than attend live online sessions, Schwab said, representing a 207% increase in attendance of on-demand sessions compared to 2019.
In 2020 Schwab offered a variety of online content with practical approaches designed to improve workers’ financial know-how. The offerings included live panel discussions on timely personal finance and investing questions; informal, 10-minute “coffee talks” on trending topics such as managing finances during uncertainty; and live, interactive webcasts with in-depth discussions on how to save, invest, and manage expenses. As part of the webcast series, Schwab added new workshops that addressed market volatility, and transitioned in-person, plan-specific learning to virtual sessions.
Plan parrticipants embraced those virtual offerings, particularly courses providing comprehensive financial planning information.
Nathan Voris, senior managing director, Business Strategy at Schwab Workplace Financial Services, said in released comment that the rise in popularity of on-demand virtual learning in retirement planning was a trend he saw continuing in the future.
“It’s clear that the outlook for retirement education includes more focus on overall financial fitness and more options to let workers choose when and how they receive that education,” he said.