Freedom Fiduciaries announced the launch of Freedom 360, a retirement plan management system developed specifically for the Freedom Fiduciaries team and their Bac(k) Office partners.
The platform automates tasks that it says have traditionally undermined efficiency and accuracy in service delivery. The system uses “machine learning algorithms,” that analyze user behaviors, service patterns, and engagement levels, as well as identify and categorize time spent on each client and process.
“At Freedom Fiduciaries, we’re acutely aware of the systemic fragmentation in our industry and the significant lack of meaningful participant engagement, largely due to constrained resources and limitations in recordkeeper data. This situation has frequently resulted in a less than ideal experience for both plan sponsors and participants,” states Shane Hanson, president and CEO of Freedom Fiduciaries. “With the introduction of Freedom 360, we’re tackling these issues directly. Our aim is to close these divides by providing a cohesive solution that not only makes plan management more efficient but also markedly improves the overall client experience. We are advancing towards a future where efficiency, engagement, and fiduciary duty come together to offer an enhanced experience for all involved.”
Among the system’s features include:
The Participant (k)onnect, a system that leverages artificial intelligence and a metadata framework, Freedom Fiduciaries says.
The system also introduces Kaleó, a proprietary automation bot crafted to reduce the administrative load linked with retirement plan servicing, including quarterly reporting, investment data compilation, meeting minutes, educational presentations, plan highlights, and the generation of plan sponsor reports. Kaleó also monitors service tasks by client and track service activity according to agreements, as well as schedule benchmarking, trustee, and educational meetings.
As a centralized repository, The Fiduciary Freedom Center provides plan sponsors and partner advisors with access to plan agreements, open cases, regulatory reminders, plan details, fiduciary training materials, and more. Additionally, the system will integrate with Kaleó by archiving meeting minutes, investment reviews, quarterly reports, and benchmarking results, among others.
Freedom 360 also integrates fee tracking and service provider benchmarking by automating the request for proposal (RFP) process, prompting current providers to submit their information, and comparing them in a presentation for clients. The system also communicates with service providers regarding the status of the proposal.
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Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with over six years of experience and a passion for telling stories and reporting news. Amanda received her degree in journalism and government and politics at St. John’s University. She is originally from Queens, New York, but now resides in Denver, Colorado with her partner. In her free time, Amanda enjoys running, cooking, and watching the latest drama show.
