A news release said the new offering, developed by vWise, is designed to help investment advisers and third-party administrators increase 401(k) and 403(b) plan participation, fulfill fiduciary duty, and reduce the need for print communications and onsite meetings.
“Historically, as an industry, 401(k) providers have not done a very effective job of communicating the benefits of participating in company-sponsored retirement plans to employees,” said Alan Valença, Chief Marketing Officer of Retirement Alliance, in the news release.
Hosts on the SmartPlan Enterprise video discuss plan features and benefits of participation, then steer users through an interactive process that helps them discover their individual retirement needs, determine risk profiles, and choose plan investments and contribution amounts, the announcement said. Because the news system is integrated with Retirement Alliance’s recordkeeping, participant choices are uploaded directly to the plan database in real time.
For employers, the technology is supported by a set of customizable promotional tools—payroll stuffers, automated e-mails, video ads, and more. Customized user tracking and analytics reports allow employers to more closely manage retirement plans while reducing support costs.
According to vWise, sponsors who use the system see a 30% increase in plan participation, the news release said.
More information is at http://www.retirementalliance.com/.