New PlanPro tool automates 401(k) fee disclosure analysis using AI

June 11, 2019

To meet the growing focus on retirement plan fees, PlanPro today announces the public beta release of PlanScanner—an artificial intelligence-backed tool that breaks down and analyzes retirement plan fee disclosures—providing advisors with an edge to illustrate fee opportunities in plan design and IRA rollovers. 

Available via the PlanPro software suite or API, PlanScanner brings a new level of transparency to qualified plan fees enabling the workflow, analysis and communication of advisors, service providers and software companies.

PlanScanner liberates users from tedious data entry, which is typically the result of a multitude of different disclosure formats used by providers. It’s a task that often requires digging through a PDF, repetitive copy+paste, and the use of a search engine to identify investments. With PlanScanner’s investment and fee analysis at their fingertips, advisors and other providers are able to provide valuable intelligence with quicker turnaround times to keep leads from going cold.

It is too difficult today for advisors, plan sponsors and participants to get basic insights on their retirement plan design. Our goal is to allow financial professionals and non-professionals alike to understand basic plan design and fee characteristics with little effort. You shouldn't need a CFA and hours of time to assess a plan” says PlanPro founder, Michael Magnan. “Time-consuming, tedious tasks like this are a key area where AI can have a big impact, and PlanScanner is a big step in changing this paradigm.

PlanScanner compliments PlanPro’s database of Form 5500 investment lineups, and integrates seamlessly with the core PlanPro software where uploaded fee disclosure data can be used to assess fiduciary compliance and fee savings. PlanScanner provides particularly valuable insight into the roughly 85% of 401(k) plans that do not file a long-form 5500 due to their smaller size, and are thus lacking any fee or investment transparency.

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Introducing PlanPro 2.0

We're excited to announce the release of PlanPro 2.0. Users will now benefit from a refined and simplified user interface along with new features and data. We're always working to make your prospecting experience easier and more fruitful, and look forward to helping you grow your businesses as we continue to bring forth future improvements. We have another big announcement coming in a few weeks, so stay tuned!

Here are a few features included with PlanPro 2.0

Dashboard​​: Customized just for you, so it's simpler to pick up where you left off and find relevant leads. The new dashboard includes: recently viewed plans, access to saved searches and followed plans, as well as, new recommended leads. Updated daily, the recommended leads features plans in your saved searches identified as good leads. 

Red Flag Search: Finding the best leads is all about identifying weaknesses and changes within plans. Our new red flags search makes it easy to filter data on 15+ red flags. Find plans with low participation, poor employee contribution, high growth, new decision makers, fee savings, revenue sharing and much more. 

Improved Excel Export: We've added new fields to our Excel exports, including plan contact data and email addresses. Now, with a single click, download valuable lead data to import into your CRM, perform analysis on or run your next marketing campaign.

Quick Search: Instantly find specific plans by typing a company or plan name within a single search field on the dashboard.

 Plus, some additional features you'll want to dive in to explore...So log on today to get started using PlanPro 2.0!

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4 Tips for Better 401(k) Plan Prospecting

Working with retirement plans is a fantastic way to grow your business. For one thing, 401(k) and other qualified plan assets tend to grow consistently - it is a reliable source of revenue growth as assets flow in each pay period. Additionally, many advisors assert that each dollar earned from a retirement plan is multiplied by more dollars from wealth management business created from the relationships. In other words, it opens doors for advisors to attract executives and participants at the plan sponsor to become wealth management clients.

With over 500,000 qualified retirement plans in the U.S., there is ample opportunity. With as much opportunity as there is, differentiating yourself and your strategy is crucial to increasing your probability of success. However, few advisors are actively doing this, leaving ample opportunity for those that do. Plan sponsors and their participants need advisors and providers that have their best interests in mind - this is too often not the case. Finding plan sponsors not being well-served and getting their attention is half of the battle. 

Here at PlanPro, we work with advisors of varying retirement plan experience—from those just starting out to those with years of experience and assets with qualified plans. The following are a few best practices we’ve gathered from  helping many advisors grow their business with 401(k) and other qualified plans.

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PlanPro Founder, Michael Magnan, Featured on Podcast

PlanPro’s founder Michael Magnan was recently featured on the Bridging the Gap podcast hosted by Matt Reiner. Michael discussed the intersection of the financial advisor industry, technology, data and artificial intelligence. Check out the link below to listen!

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