With an average of 18 years of experience in the retirement industry among our employees, we possess an unparalleled understanding of retirement data across all product types. Our strong focus on data analytics is the cornerstone of our AI efforts, as we recognize that AI is only as effective as the data used to train its models. With over a decade of providing analytics solutions, we offer our expertise to help you stay ahead of the competition.
Our Expertise in Data Analytics
We have a proven track record of delivering data analytics solutions that significantly enhance the management and optimization of 401(k) plans and other retirement products. Here are some critical applications of our services:
Participant Behavior Analysis
- Contribution Rates: We analyze contribution rates to identify trends in how employees save for retirement, spotting groups that may be under-contributing. This enables targeted strategies to encourage higher participation.
- Loan and Withdrawal Patterns: By understanding how often and why participants take loans or early withdrawals, we help plan sponsors develop better financial wellness programs to mitigate these behaviors.
- Investment Choices: Analyzing participants’ investment selections reveals preferences and risk tolerance levels, informing the need for more education or different investment options.
Plan Design Optimization
- Targeted Communication: We help identify employee segments not fully leveraging the 401(k) plan (e.g., not contributing enough to receive the full employer match), enabling targeted communication to improve engagement.
- Auto-Enrollment and Auto-Escalation: By analyzing employee behavior, we assist plan sponsors in fine-tuning auto-enrollment rates and auto-escalation strategies to optimize participation and contribution levels.
Fee and Cost Management
- Fee Benchmarking: Our analytics compare fees charged by different plan providers and investment options, helping plan sponsors ensure competitive pricing.
- Cost Efficiency: By analyzing administrative and investment fees, we can facilitate renegotiations with service providers or shifts to lower-cost options, ultimately benefiting plan participants.
Investment Performance Monitoring
- Performance Tracking: We regularly analyze the performance of investment options within the plan to ensure they meet expectations relative to benchmarks, leading to timely adjustments if necessary.
- Risk Management: Our data assessments evaluate the risk profiles of plan investment options, ensuring alignment with participants’ needs and the plan’s objectives.
Compliance and Risk Management
- Regulatory Compliance: We monitor compliance with IRS and Department of Labor regulations by identifying potential red flags, such as non-discrimination testing issues or plan limit violations.
- Cybersecurity: By analyzing access patterns and transaction data, we help detect and prevent fraudulent activities or data breaches, enhancing the security of participant information.
Retirement Readiness
- Predictive Modeling: We use analytics to forecast participants’ retirement readiness, identify those at risk of insufficient savings, and provide targeted advice or plan adjustments.
- Retirement Income Projections: We offer tools that estimate future income based on current savings and investment strategies, helping participants adjust their plans as needed.
Plan Customization
- Personalized Offerings: We analyze demographic data to tailor plans to meet the needs of different employee groups, offering customized investment options, educational resources, and communication strategies.
- Dynamic Plan Design: Our data analytics enable more responsive plans that evolve with changing employee needs and market conditions.
By leveraging our deep industry experience and advanced data analytics capabilities, we empower retirement and wealth management firms to optimize their data, enhance decision-making, and deliver personalized client experiences. Our solutions improve operational efficiency and secure a sustainable competitive advantage in an ever-evolving financial landscape.
Don’t hesitate to contact us to find out how we can help your organization optimize its data and unlock new opportunities for growth and client engagement.