Technology and scale, coupled with auto innovation, is revolutionizing the 401k advisor’s business and the manner in which they interact with clients to foster better participant outcomes, according to top advisor Corby Dall.
“I love technology and how it’s driving better results with our clients and advisors,” Dall, President and Managing Partner with 401k Advisors Intermountain, said Monday afternoon at Outcomes 2019 Conference in Denver. “I love the level of interaction with participants and employees, something we were never able to do until just recently; the ability to do a deeper dive with each employee, and offer personal advice and more one-on-ones.”
It’s an opportunity to get to the bottom of what’s keeping them from enjoying their career and eliminating financial stress, Dall added. It’s asking questions about what keeps them up at night and how to live within their means.
“Financial planning is the buzzword, but it’s really just learning how to pay off their debts, appreciate the match and how to budget so they can actually take advantage of it. Add in auto features—which are the greatest thing ever—and people can reduce stress and be more productive at work. That’s something we’ve never been able to do, but is now brought about by technology and scale.”
So, is it really just a great financial wellness program?
“I try to avoid the financial wellness moniker because it seems to be, not necessarily played out, but rather table stakes. I remember way back when just having daily valuation was huge and then commonplace and the same with multiple fund families and custom enrollment packets. I think that happening now with financial wellness, and everybody’s doing it. The next iteration is the total wellness package, I think that’s where it’s headed. If you can incorporate the health benefits, the HSA, the retirement plan—if you take all of those things and make them understandable together, I think you perfected client interaction and engagement.”