Retirement Alliance Rolls Out SmartPlan Enterprise
MANCHESTER, NH, September 17, 2010 -- Retirement Alliance, Inc., an established retirement plan service provider that serves the $1 to $25 million plan space through RIAs, Financial Advisors and TPAs, recently introduced SmartPlan EnterpriseSM, an online, interactive participant education and communication system, at its Eighth Annual Retirement Alliance Advisor Summit, August 18-20 in Meredith, N.H.
Developed by vWise Inc., a California-based firm that develops rich-media internet applications to help people better understand complex information and make personalized choices, SmartPlan EnterpriseSM is designed to help investment advisors and third-party administrators increase 401k and 403(b) plan participation, fulfill fiduciary duty and reduce the need for print communications and on-site meetings.
"Historically, as an industry, 401k providers have not done a very effective job of communicating the benefits of participating in company-sponsored retirement plans to employees," said Alan Valença, Chief Marketing Officer of Retirement Alliance. "SmartPlan gives intermediaries the ability to provide plan sponsors with a leading-edge customizable video-based communications tool available 24/7."
Hosts on the SmartPlan EnterpriseSM video discuss plan features and benefits of participation, then steer users through an interactive process that helps them discover their individual retirement needs, determine risk profiles and choose plan investments and contribution amounts. And because SmartPlan EnterpriseSM is integrated with Retirement Alliance's recordkeeping system, participant choices are uploaded directly to the plan database in real time.
For employers, the technology is supported by a comprehensive set of customizable promotional tools-payroll stuffers, automated e-mails, video ads and more-that are designed to engage employees with information about various features of the plan, such as matching contributions or loans. Customized user tracking and analytics reports allow employers to more closely manage retirement plans while reducing support costs.
Overall, says Valença, response to the technology at the Retirement Alliance summit "was very much one of excitement. Many advisors would like to work with larger companies, and SmartPlan gives them an easy-to-use solution that requires nothing more than an Internet connection and a Flash-compatible PC or mobile phone. SmartPlan's interactive, rich-media format represents an exciting alternative to the traditional enrollment kit-a packet of information that, quite frankly, often winds up getting tossed."
According to vWise, sponsors who use SmartPlan EnterpriseSM are seeing a 30 percent increase in plan participation, with more than 80 percent of participants choosing model portfolios built by advisors or other Qualified Default Investment Alternatives. In addition, based on vWise audits, SmartPlan EnterpriseSM generates an 8.5 percent average deferral rate among both new and existing participants-a significant increase over the industry average of approximately 7 percent.
"SmartPlan surpasses anything a plan advisor or plan sponsor has ever been able to offer," says Valença. "It's clear that this technology is designed to augment the advisors' role-not replace it. We truly believe this is a 'game-changer,' and numerous advisors and TPAs have reported that SmartPlan has given them a significant competitive edge in winning new business."
About Retirement Alliance
Retirement Alliance, Inc. is a New Hampshire-based retirement plan services provider that is committed to offering intermediary partners and their clients "true" open investment architecture (with no proprietary fund requirements); full fee transparency-by returning all available revenue sharing that Plan assets generate into an ERISA Budget Account that is used at the discretion of the Plan Sponsor (typically to offset plan-related expenses); and a validated "white glove" service model that combines leading edge technology with experienced professionals, averaging more than 10 years of industry experience - over five at Retirement Alliance. The firm's annual Advisor Summit hosts leading registered investment advisors, financial advisors and third party administrators from around the country. In addition to the introduction and demonstration of SmartPlan EnterpriseSM, this year's event was highlighted by keynote speakers Fred Barstein, President, Chief Executive Officer and Founder of 401kExchange; Larry Goldbrum, Esq., Executive Vice President and General Counsel of The SPARK Institute; Eugene Maloney, Executive Vice President and Corporate Counsel of Federated Investors; and Eric Kapitulik, Chief Executive Officer and Founder of The Program, focusing on leadership and overcoming adversity.
About vWise
vWise is a leading developer of rich-media internet applications based upon its E3 (E-Cubed) architecture. Its SmartPlan EnterpriseSM solution, which serves the defined contribution markets, uses a proprietary mix of video and interactive technologies to help people better understand their retirement plans and make personalized choices.
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