The purpose of Francis Investment Counsel’s MoneyAdvice@Work® Team is to provide holistic financial education and advice services to the employees of the organizations we serve. The team continues to earn recognition for its efforts, most recently with two, first-place Eddy Awards.
Pensions & Investments’ nation-wide Eddy Award competition recognizes best practices by defined contribution plan sponsors and service providers in delivering financial education to plan participants. Francis Investment Counsel, in partnership with two plan sponsor clients, was honored with two 2020 Eddy Awards for customized campaigns completed with Mortgage Guaranty Insurance Corp. (MGIC) and Johnson Outdoors.
MGIC founded the mortgage insurance industry in 1957 and remains the industry leader today. They help borrowers achieve their dreams of homeownership by supporting lenders nationwide with private mortgage insurance.
MGIC recognized that coworkers lacked a complete picture of their potential retirement income using the existing tools on the recordkeeper website. To address this need, MGIC created the Pension Estimator, a quick and easy way to model the MGIC pension benefits under multiple life scenarios. The organization also launched the Total Retirement Modeler, an online tool that projects total retirement income using actual 401(k) plan balances, a customized pension payment, and an estimate from Social Security. The tool is designed to provide a customized look at retirement income while incorporating other assets and playing “what if” scenarios to better understand the impact of different planning decisions.
MGIC paired these powerful tools with the expertise of Francis Investment Counsel’s Money Advisors. The MoneyAdvice@Work® Team provides up to six hours of detailed financial planning for individuals within one year of retirement, which includes discussion of pension payout and timing, Social Security benefits, risk tolerance and asset allocation, and retiree health insurance coverage options.
MGIC’s special focus and partnership with Francis Investment Counsel earned them a first-place Eddy Award in the “Pre-Retirement Preparation” category.
Johnson Outdoors was founded by American business legend Sam Johnson over fifty years ago. The company has grown into a leading global innovator of outdoor recreation equipment and technology that inspire people to experience the awe of the great outdoors.
Johnson Outdoors recognized the need to go beyond typical recordkeeper-led education to offer an expanded 401(k) education program to drive behavioral changes. They partnered with the MoneyAdvice@Work® Team to offer an interactive education program to employees. The company’s custom-designed education campaign “Grow Your Green” included financial education events, which were fully supported by senior leadership and offered on-shift for every employee.
Johnson Outdoor’s initiative and partnership with Francis Investment Counsel received first-place recognition with an Eddy Award in the “Ongoing Investment Education” category.
Kelli Send, Senior Vice President of Participant Services at Francis Investment Counsel and leader of the MoneyAdvice@Work® Team, attended Pensions & Investments’ annual East Coast Defined Contribution Conference, where the award winners were formally announced.
“Our ability to customize MoneyAdvice@Work® to meet the needs of our plan sponsor clients and their participants is one of the greatest strengths of our service. It is very rewarding to see our plan sponsors receive recognition among peers from across the nation.”
Francis Investment Counsel’s 2020 Eddy Awards represent the eleventh and twelfth times the Firm’s financial education efforts have been recognized, having recently won three Eddy Awards in 2019. The Firm remains steadfast in its commitment to providing creative financial education and communications to the retirement plan participants served in Wisconsin and across the nation.
More information regarding the 2020 Eddy Awards, including a full list of categories and winners, can be found here.
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2020 Eddy Award recognition received based on Pensions & Investments annual evaluation process. Winners demonstrated program effectiveness and creativity, as well as completion of the entry form, which included a $150 fee per entry. Number of entries varies annually but averages 130-150. Selection criteria weighted differently based upon the category, but in general, creativity and the ease of understanding complex topics was key in determining successful entries. Francis Investment Counsel completed submissions with MGIC and Johnson Outdoors in the entry type “Joint – Plan sponsor and service provider entering together as a team,” and was recognized with a first place award in the “Pre-Retirement Preparation” category and a first place award in the “Ongoing Investment Education” category. 2020 Eddy Awards represent the eleventh and twelfth times Francis Investment Counsel has received such recognition, having previously received Eddy Awards in 2011, 2012, 2014, 2016, 2018, and 2019. In 2020, a total of 66 defined contribution plan education programs were recognized with a First-Placed Eddy Award, based on the entry category, size of the plan, and educational topic discussed. Francis Investment Counsel is not affiliated with and does not receive remuneration from Pensions & Investments. Receipt of this award should not be construed as a guarantee of future performance or results.