vWise Inc., announced Oct. 19 that VMAX SmartPlan, its proprietary digital retirement plan engagement software platform, is helping record keepers and TPAs deliver comprehensive information to plan advisors on approximately $1.6 billion in participants’ assets held outside their current qualified plan.
The assets, including former employers’ 401(k) plans, IRAs, CDs and bank and brokerage accounts, were self-reported by participants using SmartPlan. With access to an individual’s complete financial portfolio, advisors can now deliver more personalized and targeted financial advice to help improve long-term financial results.
SmartPlan’s interactive experience is the first digital retirement plan solution that captures information about each employee’s total financial assets, according to a news release from the firm,as well their expected risk tolerance and target retirement date, and uses this data to deliver a customized online education, engagement and enrollment experience. Information about each participant’s financial portfolio and investment preferences is reported to plan sponsors and advisors associated with each plan.
Advisors can now use this detailed insight into each participant’s financial situation to create a targeted plan around current assets, optimize their business, and maximize time with each client. “SmartPlan’s ability to accurately capture employees’ self-reported information about their outside assets is a breakthrough development for advisors, record keepers and TPAs,” said Tony Mingo, President and CEO of vWise. “Previously unavailable to service providers, the comprehensive and valuable information about each participant’s total financial situation arms advisors to efficiently and cost-effectively bring participant advice to the level that, until now, has been reserved for only the most senior executives of American companies,” he added.
