The company said the site is designed to help employees better understand their employer’s 401(k) plan, and “provides the benefits of a personal financial professional, in a Web site available 24/7/365.”
Video hosts offer participants a brief video overview of 401(k) basics, followed by a discussion of selected features—such as automatic enrollment, matching contributions, loans, etc.—customized by plan sponsors. Then, using simple interactive forms, the video hosts guide participants through a short process, including individual retirement needs assessments and risk profile surveys, and selection of investment types and contribution amounts. It then generates a personalized investor profile, according to a press release.
vWise said combining a video-based presentation with an interactive application that prompts users to make informed investment decisions can help increase plan enrollment, raise participant contribution levels, and reduce support costs.
The SmartPlan Advisor system also includes an administration portal that provides a suite of tools in a menu-driven format, as well as pre-designed email templates and custom-tailored analytics reports, which helps sponsors manage plans more easily, the company said.
More information is available at www.vwise.com.