On Monday, June 17th, 2024, J.P. Morgan updated the onboarding process for employers launching a new retirement plan. The update is aimed to optimize, streamline, and simplify the onboarding process for your clients by consolidating most onboarding activities onto J.P. Morgan’s digital portal. This article aims to answer some frequently asked questions about the new Digital Onboarding experience.
- Which plans will experience the new Digital Onboarding experience?
- Which plans will still see the old Digital Onboarding experience?
- What are the steps of Digital Onboarding?
- How can my client’s Digital Onboarding experience be accessed from the advisor portal?
- Why will some of my clients see a “Plan Design” step in the portal, while others do not?
1. Which plans will experience the new Digital Onboarding experience?
All new employers will receive a welcome email invitation to begin registration and onboarding for their plan. Any of your plans that receive this welcome invitation to register and begin onboarding on or after June 17, 2024, will see the new Digital Onboarding experience.
2. Which plans will still see the old Digital Onboarding experience?
All employers receive a welcome email invitation to register and begin onboarding on our portal. Plans that have successfully registered before June 17, 2024, and are currently completing onboarding will continue with the old onboarding experience.
3. What are the steps of Digital Onboarding?
Digital Onboarding consists of the following steps. Please click on the hyperlinks for more detailed information on each step. It’s best to participate in your clients’ Digital Onboarding experience to assist if needed and review the information they enter into the portal for their plan.
1. Company Questionnaire
Note: For clients that worked with a J.P. Morgan or Chase bank representative to set up an Everyday 401(k) plan, they may not see the first step called “Company Questionnaire,” as the information that will be collected during this step is provided on their behalf, upfront.
In this first step, clients will share information regarding their company, its ownership, physical location, and its formation.
2. Plan Design (for certain plans only)
Note: For certain J.P. Morgan 401(k) plan types, plan design is completed previously by the sales representative before the Digital Onboarding experience. Therefore, depending on your client’s plan type, they may not see the "Plan Design" step.
Clients will be prompted to schedule a plan design call with J.P. Morgan’s plan design consultants from their portal if required for their plan type.
3. Plan Launch Call
This third “Plan Launch Call” step will not be visible to certain plans during Digital Onboarding. This includes:
- “Unbundled” plan types
- "Full Consult" plans
- Starter 401(k) plans
The scheduling of the Plan Launch Call will be conducted outside of Digital Onboarding for plans electing for a full plan design consultation and unbundled plans with a TPA. Starter 401(k) plans will not have a Plan Launch Call. Instead of completing this step in the portal, clients will automatically be brought to the next section of Digital Onboarding, titled “Payroll and Payment.”
During this step, your clients can schedule their “Plan Launch Call” with one of J.P. Morgan's Implementation Specialists. During the call, we will review the information requested in the Digital Onboarding experience and discuss the plan's onboarding process in detail.
4. Payroll and Payment
During the “Payroll and Payment” step, we will collect information to connect your client’s payroll provider with J.P. Morgan, configure any payroll integration, and set up pay groups and pay schedules if these items are applicable. In addition, clients will provide the banking information that will be used to fund their plan’s contributions and fees.
5. Census
The final step of the Digital Onboarding process is the “Census” section, where clients will submit a full company census with information about each employee.
4. How can my client’s Digital Onboarding experience be accessed from the advisor portal?
Once your client receives an invitation to register and begin onboarding, you’ll be able to access their Digital Onboarding experience. This means you can see exactly what your clients see throughout each step of Digital Onboarding on the portal and fill in the information on your client's behalf if needed. You can access your client’s Digital Onboarding on your advisor portal by following the below steps.
Note: You will not see the new Digital Onboarding experience for clients who have successfully registered and begun onboarding on the portal prior to June 17th, 2024.
- Log in to your advisor portal.
- Navigate to the “Onboarding” page by clicking on the cart icon
on the left-hand side of your screen.
- From here, you can view all of your plans that have begun onboarding, as well as status updates on various onboarding activities. To continue navigating to a client’s Digital Onboarding experience, select the arrow icon
within the “Employer Questionnaire” column for the respective plan.
- You will now be redirected to your client’s Digital Onboarding experience within their employer portal, allowing you to see exactly what your client sees. You can help fill out the information across the various steps of the Digital Onboarding experience on your client’s behalf.
5. Why will some of my clients see a “Plan Design” step in the portal, while others do not?
For certain J.P. Morgan 401(k) plan types, plan design is completed previously by the sales representative before the Digital Onboarding experience. Therefore, depending on your client’s plan type, they may not see the "Plan Design" step.
If you have additional questions, please do not hesitate to reach out to everyday401k.success@vestwell.com.