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.
“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.