The products include enhancements specific to OFI’s bundled program, the Pinnacle platform, as well as cross-product enhancements, according to the company. “The new enhancements are designed to help plan sponsors manage their fiduciary responsibilities and give financial advisers the opportunity to offer solid targeted solutions as they help participants plan for a successful retirement,’ said Rick Fuerman, vice president, OppenheimerFunds Retirement Services.
Earlier this year, OFI introduced a Form 5500 Data Mining presentation for financial advisers. The 5500 Program includes a presentation with case studies to help advisers understand how to use information from the Form 5500 as a prospecting tool. It has been extremely well received, according to Gayle Leavitt, vice president and head of OppenheimerFunds’ Retirement Services marketing group.
OFI said the presentation explains how to analyze the information found in certain of the form’s sections, and suggests questions advisers can pose to potential clients. “We continually seek ways to help educate advisers and provide them with new prospecting tools,’ said Fuerman. “Knowing how to best analyze the information in these types of filings can help them work with clients more effectively.’
At the participant level, tools added to Pinnacle include an enhanced Customized Enrollment Booklets and an upgraded Web site (Pinnacle Online). The booklets are sent to all newly eligible participants, including those automatically enrolled in the plan, Leavitt said.
The booklets, launching this month, feature personalized information tailored to meet participants’ unique situations, OFI said. Employees can also receive targeted education for their salary and age.
Also specific to Pinnacle, OFI announced enhanced Plan Reviews, now including an investment section, a plan’s statistics and benchmark information (including information on loans, participation and deferral rates, and investments), a fiduciary checklist, a plan’s highlights, and an educational section for the plan sponsor. Plan Reviews will automatically be available, on a quarterly basis, for plans with assets greater than $1 million. The plan reviews are sent to the adviser working with the plan, to allow them an opportunity to meet with the sponsor and review the data, Leavitt explained.
Additionally, OFI said a Spanish-translated Enrollment Booklet launched on June 19 and an enrollment DVD is set to launch at the end of the third quarter. The booklet can be customized with the plan’s name and logo and will include forms, retirement planning information, and a risk tolerance quiz to help participants determine an asset allocation mix that may be appropriate for their individual needs. The booklet is translated into Spanish to facilitate the retirement planning process, serving a specific and targeted educational need.
The English-language enrollment DVD is a step-by-step program to educate employees on what they need to consider when saving for their retirement as well as enrollment information.