Products August 30, 2023

Adviser Product Partnerships – 8/30/23

IPX Retirement partners with benefits provider and advisory on plan solutions; FIDx adviser partnerships lead to $1B in annuity contracts; Integrity partners with Community Care Agency on benefits for Asian American Seniors.  

Reported by

IPX Retirement Partners with Higginbotham and Verity for 403(b) and 457 Plan Offerings

IPX Retirement will provide its master recordkeeper and plan governance program solutions to benefits provider Higginbotham and financial advisory Verity Advisors LLC.

The firms will have access to IPX’s recordkeeping and PGP services with the goal of simplifying administration and reducing plan costs in 403(b) and 457 plans.

For more stories like this, sign up for the PLANADVISERdash daily newsletter.

“Participants want choices in retirement investment providers but also low costs, consistent oversight, and support from trusted advisers,” Kevin Grant, president of Higginbotham executive benefits, said in a statement. “IPX has the most effective platform we’ve found to help us offer that kind of seamless experience to Texas educators.”

IPX also recently partnered with Verity Advisors to offer a plan governance solution in conjunction with their Vyntanna program for North Carolina school districts.

Advisers Have Leveraged Fiduciary Exchange LLC to Book $1B in Annuity Contracts

Fiduciary Exchange LLC, or FIDx, announced financial advisers have used its platform for more than $1 billion in new annuity contracts since the platform’s full market launch in September 2021.

The FIDx platform links financial advisers with leading insurance carriers and ensures that annuities are integrated as an asset class alongside traditional investments in client portfolios, according to the announcement. The product is designed to enhance operational efficiency for advisers, their firms, and insurance carriers.

“This achievement goes beyond merely processing new business,” Rich Romano, FIDx’s CEO, said in a statement. “We’re focused on empowering advisers with comprehensive ways to seamlessly incorporate annuities into portfolios for their clients. In line with this vision, we’ve recently surpassed $50 billion in active annuity accounts managed on our platform.”

Integrity Partners with Community Care Agency to Reach Asian American Seniors

Integrity Marketing Group LLC, a distributor of health insurance, and provider of retirement planning solutions, announced it has partnered with Community Care Agency to reach Asian American seniors with its product offerings.

Community Care Agency is an insurance agency based in Dallas, Texas,  led by Jimmy Lee and Grace Tran. Focusing on the Asian-American market, Community Care Agency works to eliminate language barriers through education in native languages.

The partnership will provide Community Care with Integrity’s insurance technology platform designed to help agents bring the best benefit options to clients. The offering includes Integrity’s AI-powered Ask Integrity to connect agents to clients in faster time.

“We bridge the communication gap between the carriers and consumers to ensure that the seniors we serve fully understand their coverage options,” Tran, vice president of Community Care Agency, said in a statement. “With Integrity’s technology, we can keep our communities up to date and offer more support and better training to our agents.”

Products August 30, 2023

RiXtrema Launches AI-Driven 401(k) Client Engagement Tool

401kAI leverages artificial intelligence to analyze and summarize retirement plans and generate custom pitches, according to the technology firm.

Reported by

RiXtrema Inc., a technology firm focused on the retirement plan and financial adviser space, is joining the artificial intelligence push with an AI-driven 401(k) tool for client lead creation and engagement.

The New York-based RiXtrema announced Wednesday AI-driven adviser productivity tools 401kAI and AdviserAI. The subscriber-based tools are designed to gather pertinent plan information, summarize it using large language modeling, and create custom emails and call pitches quickly, according to the announcement.

Want the latest retirement plan adviser news and insights? Sign up for PLANADVISER newsletters.

The 401kAI tool contains the information of 850,000 retirement plans drawn from Form 5500s and any daily filings related to the plan, according to founder and president of RiXtrema, Daniel Satchkov. A subscription to the AI-driven tool also includes proprietary contact information for more than 3.1 million corporate executives generated from a crawling algorithm combined with large language models, Satchkov wrote via email.

“401kAI has the capabilities of ChatGPT, but also knows details of 850,000 retirement plans,” Satchkov said in a statement. “The unfortunate part of ChatGPT is that it only has information up to 2021, nothing beyond that. People think about ChatGPT as the machine that talks, the machine that speaks. But, really, it’s like a parrot – a very well read parrot – but only on information up to 2021.”

RiXtrema’s 401kAI tool can analyze a retirement plan in about two minutes to produce an executive summary. Each summary incorporates all of a plan’s filings, with users being able to control the length and style and the ability to regenerate the plan for targeted information, according to the announcement.

The emails generated by 401kAI incorporate data about the plan including red flags, ratings, deficiencies, history of participants and assets. The emails can also include the adviser’s services and biography, and focus areas can be on areas such as plan problems, legal cases, and relevant regulations.

RiXtrema is marketing its product, which costs $89 to $349 a month, depending on the subscription type, to plan advisers through inbound approaches and live events, Satchkov said via email. He noted that a live event in May brought in close to 1,000 sign-ups and 350 live attendees, and 54 firms are using the new tool as of Wednesday’s launch.

RiXtrema’s financial adviser-focused AdvisorAI tool is designed for portfolio analysis and creating customer emails and call pitches. The tool summarizes all aspects of portfolio risk, creates custom emails for each lead, learns in detail about each lead’s financial situation, knows services the adviser can offer, and is integrated with each adviser’s compliance tools, according to the announcement.

Satchkov said in the announcement that advisers can boost productivity by 10 times the average pace by leveraging the AI-driven tools. He also argued that people who are afraid of AI, or are avoiding it, should move beyond their concerns and start trying the technology.

“Advisers who don’t adopt this technology are going to find themselves way behind very quickly,” Satchkov said. “This is not going to take years, because the technology itself is not new.”

RiXtrema was founded in 2010 and currently works with more than 7,000 retirement plan advisers.

«