We’re still in the early stages of using AI/chatbots to help 401k plan participants with basic questions about retirement planning, but another step forward was taken today.
Chicago-based Faircourt Partners and Newark-based Dream Forward announced a first-of-its-kind partnership that will soon allow Faircourt to utilize Dream Forward’s proprietary retirement-focused chatbot technology to assist its $500 million worth of 401k plan clients.
Dream Forward said it is providing a unique texting-based AI to engage with Faircourt Partners‘ retirement plan participants. Faircourt Partners is a retirement plan advisor serving large and medium-sized retirement plans.
Faircourt Partners has identified a client need for faster and more consumable customer service for participants.
In order to meet this need, Faircourt will be offering their clients an AI-based chat tool that can talk to employees about general retirement saving tenets, answer administrative questions, unpack industry terminology, and discuss competing financial goals.
Faircourt clients will be able to access the AI 24/7 via texting a phone number.
“Faircourt Partners is an innovative retirement practice dedicated to maximizing the user experience. We wanted to bring cutting-edge technology to our client base to improve participant outcomes,” said Faircourt Founding Partner Charlie Waddell. “This partnership puts our service model ahead of the curve when it comes to providing participants with the tools necessary to create long-term wealth.”
Brendan Sweet, Co-Founder of Dream Forward, echoed that enthusiasm, stating, “We’re a big believer in using artificial intelligence to support financial advisors, not replace them. We couldn’t be more excited to be working with Charlie and the team at Faircourt to develop the advisor experience of the future, today.”
In an April 23 interview on WGN Radio, Faircourt Founding Partner Ben Olson and Dream Forward Co-Founder Grant Easterbrook said the idea is to start rolling it out during the summer to some key Faircourt clients best suited to adopt something like this, starting with a small sample size to base test it, and roll it out to all clients by the end of the year.
As a fiduciary, Faircourt, an independent registered investment advisory firm, provides the full suite of institutional investment consultancy and retirement plan advisory services to clients that range from large private equity firms to non-profits, schools, and small businesses.
On its website, Dream Forward reiterates that its AI technology is designed to enhance a 401k advisor’s process, not replace it.
“Our AI answers repetitive administrative questions on your behalf, giving you more time to focus on your clients. In addition, we provide deep insights and analytics about your clients as they interact with our site and the AI, allowing you to have a more meaningful interaction with your participants,” the website states.
Dream Forward also shares what questions employees are asking its AI with the advisor, who can then leverage the information for more targeted and effective outreach to employees.
Veteran financial services industry journalist Brian Anderson joined 401(k) Specialist as Managing Editor in January 2019. He has led editorial content for a variety of well-known properties including Insurance Forums, Life Insurance Selling, National Underwriter Life & Health, and Senior Market Advisor. He has always maintained a focus on providing readers with timely, useful information intended to help them build their business.
