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, the company said.
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, an 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, including payroll stuffers, automated e-mails, and video ads, among others. 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 seeing a 30% increase in plan participation, the release said.