PLANADVISER - July/August 2018 - 30
2018 PLANADVISER Recordkeeper Services Guide
KEEPING
with the
Recordkeepers
stay in step
with demands
of advisers
and other plan
distribution
channels
INTERMEDIARIES
AS SEEMS to be the case everywhere, for the recordkeeping industry, the
most significant area of development is data analytics. This is not just
" big data, " says Jeff Acheson, divisional president of Independent Financial
Partners (IFP) Plan Advisers in Tampa, Florida, but " good data. "
" Smart recordkeepers are analyzing the data they have on retirement
plans and participants to be able to tell sponsors about the health of their
retirement plan and to target those participants who need help, " Acheson
says. " The information can be very instructive on whether a company
should turn to automatic enrollment or escalation. "
Such analysis is " critically important, " he continues. " The recordkeepers
have the data. They are in the best position to provide business
intelligence that helps improve outcomes. "
Advancements in data analytics " allow us to provide plans [that are]
designed for a specific plan sponsor and work force, not just an 'in-the-box'
solution, " says Pat Murphy, CEO of John Hancock Retirement Plan Services
in Boston. " Tailoring our services for sponsors is easier because of data
analytics. The conversation is turning to what adds value for the customer. "
For instance, when recommending automatic solutions, John Hancock
suggests different approaches, depending on the industry. " If it is a retail
company with high turnover, where many people leave after only three
to six months, we will have a conversation with the plan sponsor to help
it understand when is the right time to automatically enroll participants,
and then develop an approach that meets the needs of that customer, " he
says. " For a retail company, perhaps it's best to wait two to three years
before automatically enrolling a participant, because he has indicated he
wants to stay [at the company]-whereas at a manufacturing plant or a
law firm, the best approach is to enroll participants immediately. "
In addition, John Hancock is starting to recommend " different deferral
rates depending on the demographics of the employee, such as [the
UP
30 | planadviser.com july-august 2018 Art by Suharu Ogawa
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PLANADVISER - July/August 2018
Table of Contents for the Digital Edition of PLANADVISER - July/August 2018
Speaking Their Language
Stretching the Match
Giving Them a Break
Managed Accounts' Value
Principal Transactions
Statute of Limitations
Prohibited Transaction Relief
PLANADVISER - July/August 2018 - C1
PLANADVISER - July/August 2018 - FC1
PLANADVISER - July/August 2018 - FC2
PLANADVISER - July/August 2018 - C2
PLANADVISER - July/August 2018 - 1
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PLANADVISER - July/August 2018 - 42
PLANADVISER - July/August 2018 - 43
PLANADVISER - July/August 2018 - Speaking Their Language
PLANADVISER - July/August 2018 - 45
PLANADVISER - July/August 2018 - 46
PLANADVISER - July/August 2018 - 47
PLANADVISER - July/August 2018 - Stretching the Match
PLANADVISER - July/August 2018 - 49
PLANADVISER - July/August 2018 - Giving Them a Break
PLANADVISER - July/August 2018 - 51
PLANADVISER - July/August 2018 - Managed Accounts' Value
PLANADVISER - July/August 2018 - 53
PLANADVISER - July/August 2018 - Principal Transactions
PLANADVISER - July/August 2018 - Statute of Limitations
PLANADVISER - July/August 2018 - Prohibited Transaction Relief
PLANADVISER - July/August 2018 - C3
PLANADVISER - July/August 2018 - C4
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