December 7, 2011

New York Life Enhances Advisor, Sponsor Website

An interactive dashboard provides an overall view of the health of the plan

New York Life Retirement Plan Services announced on Monday that it has enhanced its plan sponsor and advisor websites with an “interactive dashboard” that shows the overall health of a plan.

“We hear from advisors and their plan sponsor clients frequently asking for more resources and tools to take all the data in the plan, which is extensive, and turn it into actionable information,” Peter Kooken, director of marketing for New York Life Retirement Plan Services, told AdvisorOne.

Advisors and sponsors can view total plan assets updated monthly, the average and historical participation rate, average account balances and how investments are allocated.

Users can look at data based on specific age groups as well to determine behavior patterns among different groups and evaluate how effective plan design features are.

Peter Kooken, New York Life“The level of interactivity that these enhancements will bring to advisors is unique in the marketplace,” Kooken (left) added. “Tech is an area of focus when an advisor is considering providers.” Giving advisors the ability to deliver information to sponsors is an area where providers can differentiate themselves, Kooken said.

New York Life Retirement Plan Services has more than 600 plans on its platform and works with approximately 150 retirement plan advisors, according to a spokesperson for the company. The enhancements were implemented last week.

New York Life is planning additional enhancements in 2012 that will “strengthen ad hoc reporting tools advisors can access,” Kooken said. The planned enhancements will allow advisors to query specific data and time frames, as well as benchmark performance of their plans against other plans in New York Life’s book of business.

“The theme for 2012 is more customization,” Kooken said, ”with the ability to control for the type of data and time frame.”

The enhancements are focused on plan sponsors and advisors and how they use the website, but New York Life continues to improve participant-facing websites to offer perspective and point of view on how they need to manage their investments, Kooken concluded.

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