PLANADVISER - July/August 2019 - 29
2019 PLANADVISER Recordkeeper Services Survey
The
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FOR SEVERAL YEARS, recordkeepers have used behavioral finance to give plan participants a
personalized experience. Increasingly, they are adding data analytics, artificial intelligence
(AI) and machine learning to their efforts, the combined effect leading participants to make
better decisions to improve their retirement readiness.
" The use of artificial intelligence and machine learning is becoming increasingly important
among recordkeepers, to find insights into participants, " says Jason Grantz, director of institutional
retirement consulting at Unified Trust Co., N.A., in Highland Park, New Jersey. " They're
sitting on a treasure trove of data. As AI becomes more sophisticated, you'll see them improve
their understanding of participants and offer better suites of services. "
" We're starting to see the beginnings of an 'ABCD' approach by recordkeepers. That is, the
use of AI, blockchain, the cloud and digital, " agrees Tim Slavin, senior vice president, retirement,
at Broadridge Financial Solutions Inc. in Glen Head, New York. " AI is definitely the
future, but among recordkeepers has a way to go. However, I do see a great deal of advancement
in digital communications and personalization. "
In the past three to five years, the expectations of both retirement plan participants and plan
sponsors has changed, says Kevin Collins, head of retirement plan services for T. Rowe Price in
Owings Mills, Maryland. They expect information presented to them to be personalized, he says.
T. Rowe Price has achieved that, even by way of personalized two- to three-minute videos.
" These personalized videos engage with individuals, using real-time data about them, " Collins
says. " People love being the star of their own two-and-a-half-minute video. "
But to deliver information to them, T. Rowe Price stepped back to create what Collins
calls an " integrated ecosystem " that sends consistent messages across every communication
channel, be that email, the Web or a mobile application. " I'm not a believer that any deciArt
by Jing Wei
planadviser.com July-August 2019 | 29
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PLANADVISER - July/August 2019
Table of Contents for the Digital Edition of PLANADVISER - July/August 2019
An Array of Models
2019 Recordkeeper Services Survey
Advice for All
Pension Risk Transfer on the Rise
Investment Oversight Partners
Through the 'Window'
Now Who is a Fiduciary?
Venue Clauses
The SEC's Standard on IRA Rollovers
PLANADVISER - July/August 2019 - C1
PLANADVISER - July/August 2019 - FC1
PLANADVISER - July/August 2019 - FC2
PLANADVISER - July/August 2019 - C2
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PLANADVISER - July/August 2019 - An Array of Models
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PLANADVISER - July/August 2019 - 2019 Recordkeeper Services Survey
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PLANADVISER - July/August 2019 - Advice for All
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PLANADVISER - July/August 2019 - 42
PLANADVISER - July/August 2019 - 43
PLANADVISER - July/August 2019 - Pension Risk Transfer on the Rise
PLANADVISER - July/August 2019 - 45
PLANADVISER - July/August 2019 - Investment Oversight Partners
PLANADVISER - July/August 2019 - 47
PLANADVISER - July/August 2019 - Through the 'Window'
PLANADVISER - July/August 2019 - 49
PLANADVISER - July/August 2019 - Now Who is a Fiduciary?
PLANADVISER - July/August 2019 - Venue Clauses
PLANADVISER - July/August 2019 - The SEC's Standard on IRA Rollovers
PLANADVISER - July/August 2019 - C3
PLANADVISER - July/August 2019 - C4
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