T. Rowe Price Offers Sales Process Automation

The firm says the Essential Choice sales tool rationalizes and automates small-plan sales. 

T. Rowe Price Retirement Plan Services, Inc. announced the launch of the Essential Choice sales tool, described by the firm as a Web-based application that allows retirement plan advisers to create pricing proposals for the T. Rowe Price Essential Choice retirement plan solution in real time.

Essential Choice is a prepackaged retirement plan solution suited for small businesses with up to $5 million in assets. T. Rowe Price says the product package includes support from an experienced plan services team, life stage participant education on preparing for retirement readiness, flexible investment options, and fixed pricing.

The new mobile-enabled tool will help advisers sell Essential Choice to small businesses faster and simplifies the sales process for busy plan sponsors looking for straightforward plan features, according to T. Rowe Price.

“We recognize the time advisers spend with a prospective client is valuable and are committed to helping them deliver retirement plan solutions effectively,” explains Diana Awed, head of product and marketing for T. Rowe Price Retirement Plan Services, Inc.

According to Awed, with less time spent on the administrative work involved in creating proposals, advisers have “more capacity to focus their attention on growing their business and finding the right solutions for plan sponsors and ultimately their plan participants.”

Key functionalities of the Essential Choice tool include automated proposal generation that allows advisers to generate custom proposals based on simple variable inputs and a fixed pricing model, as well as advanced analytics and reporting capabilities and consolidated conversion reporting.

More information is available from T. Rowe Price here.