As fall approaches, so does open enrollment—a critical period for employees to make informed decisions about their benefits packages. It’s also a pivotal time for advisors to guide their clients through complex financial choices. Employers should not only review the cost and structure of their benefit offerings but also consider how effectively these benefits align with employees’ evolving needs and the company’s overall benefits strategy.
In today’s competitive job market, offering a robust and dynamic benefits package is more crucial than ever. During open enrollment, employees need clear, actionable help to understand and navigate complex benefit choices—from healthcare plans to retirement savings options. This is where TIFIN @Work steps in.
The Role of TIFIN @Work During Open Enrollment
TIFIN @Work is a personalized, AI-powered financial platform designed to assist both employers and employees during this critical period. Here’s how TIFIN @Work can add value to the open enrollment process:
- Guiding Employees Through Benefit Decisions: Many employees are overwhelmed by the choices they face during open enrollment. TIFIN @Work simplifies this process by offering personalized financial recommendations based on individual employee data. Employees can ask specific questions like, “Can you help me maximize my benefits??” or “How can I optimize my paycheck?” and receive clear, actionable guidance.
- Providing Actionable Insights and Recommendations: TIFIN @Work’s AI-driven platform doesn’t just present information; it offers actionable insights tailored to each employee’s unique financial situation. For example, employees receive guidance on maximizing their contributions to retirement plans, optimizing paycheck allocations, and understanding the financial implications of different healthcare plans.
- Enhancing Engagement Through Personalized Communication: The platform uses data-driven outreach strategies to keep employees engaged. For example, during open enrollment, TIFIN @Work can send personalized reminders via email, text, or Slack, highlighting key deadlines and potential benefit optimizations tailored to each employee’s situation.
- Leveraging Payroll Connectivity for a Seamless Experience: With integrations to over 200 payroll systems, TIFIN @Work provides employees with a full view of their paycheck, benefits, and deductions. This connectivity allows employees to see exactly how their benefit choices impact their overall compensation and take informed actions in real-time.
- Reducing Employer Administrative Burden: For employers, TIFIN @Work reduces the administrative burden of open enrollment. By creating a centralized location for all benefits questions and an AI-assistant that can help employees get answers to their most pressing questions.
- Supporting Advisors in Engaging Clients: TIFIN @Work positions advisors at the center of their clients’ financial lives during open enrollment. By offering a platform that provides personalized insights and actionable recommendations, advisors can better engage with plan participants, turning this annual event into a strategic touchpoint for deeper client relationships and potential conversion into wealth management clients.
Why Open Enrollment is a Strategic Moment for Employers
Open enrollment is more than just a checkbox on the HR calendar; it’s an opportunity to enhance your benefits package, drive employee engagement, and reduce stress for your workforce. For advisors, it represents a chance to position themselves as critical resources in helping clients make informed decisions that align their benefits with broader financial goals.
Aligning Benefits with Employee Needs Through TIFIN @Work
As open enrollment approaches, RIAs have a unique opportunity to deepen engagement with plan participants by aligning benefits with their financial needs through TIFIN @Work. This platform empowers employees with personalized, data-driven guidance, turning the enrollment process into a strategic engagement opportunity.
Leverage the Open Enrollment season to differentiate your services and position yourself as a trusted financial ally, making open enrollment a powerful tool for expanding your advisory practice with TIFIN @Work.