401k recordkeeping giant Paychex is looking to improve advisor efficiency with upgrades to its Advisor Console—a plan and investment management portal.
Initially, changes to Advisor Console are meant to provide “easier access to client data that will help advisors deliver greater client value.” For example, the advisor can identify whether an employee is newly eligible for benefits, already enrolled, in the process of enrolling or not yet enrolled, and tailor advice to share with the client accordingly.
Current resources available on the Advisor Console platform include:
- Assets Under Management – Snapshot of total AUM for advisors’ books of business
- Participation Information – Overview of all levels of participation in the book of business
- Plan Information – Summary of the total number of plans and number of plans with match in the book of business, which includes greater access to client-level detail
- (k)Index – Comprehensive resource for investment research, one click away from advisors’ home dashboard
Later this year, Paychex will roll out another phase of improvements “focusing on industry-leading tools to better assess plan health and robust data analytics capabilities, providing the power for advisors to benchmark their plans against industry standards.”
“Given the increasing need for retirement guidance and support to their clients, the advisor’s role has become more significant than ever before. At Paychex, we want to simplify the complex process of recordkeeping administration for advisors, plan sponsors, and participants,” Ken Burtnick, senior product manager at Paychex, said in a statement.
“We view ourselves as a ‘service enabler’ to the financial advisor community, giving them access to the resources they need to support our mutual clients and participants,” Burtnick added. “Recognizing the critical role we play in helping advisors improve retirement coverage and outcomes for participants, we’re putting a substantial effort into providing our partners with the tools and reporting necessary to provide exceptional service to clients, and help participants be more prepared for retirement.”