Battle plan objectives.

When plan sponsors began their stampede from defined benefit plans to 401k’s, did they realize they were firing their investment professionals and “insourcing” the job to participants? Was there an assumption that participants wanted the job? A ton of research tells us that most employees don’t want the job, they are not going to attempt to learn it and when they do, they are terrible at it.

What are we saying here? That Investment Education – teaching employees to be investors—has not, does not, and will not work.

Investment Education in some ways has even been harmful. Teaching participants how to change their investments on your plan website enables market-timing and return chasing – two behaviors almost certain to undermine their long-term success.

Any plan offering funds (as opposed to model portfolios) sentences you to investment education. The more funds you offer and the more investment education you attempt, the worse your success measures will be.

Employees don't want education, they want help – and they need to be taught only about saving.