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AI-Powered Prospecting Tool Launches New Research Function

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Products & Services Marketing Pro, a prospecting tool that uses machine learning and artificial intelligence to draw information from 401(k) plans’ Forms 5500, recently enhanced its offering to give retirement plan advisors more data and fine-tune their prospecting efforts.

PSMP was launched in February. The platform features an email tool that generates customizable emails to streamline advisors’ communications with prospective retirement plan sponsors, as well as a new research and plan details feature launched in August that breaks down data from a plan’s Form 5500.

Advisors can search the database of 5500 information based on categories that drill down into where they can add the most value, such as plans with high average expenses per participant.  

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Mike Monaco, CEO and founder of PSMP, calls his platform “Lord Abbett on steroids,” referring to the fund company’s popular research offering.

“We want to cut out all the time it takes for an advisor to find a target company and reach his intended audience,” Monaco told ThinkAdvisor.

Retirement plan advisors can search the platform to identify prospective companies and the key decision makers there.

“In a lot of cases, you don’t want the plan administrator,” Monaco explained. “You might want another HR person or maybe the CFO.”

PSMP uses information drawn from company websites, LinkedIn and recent press releases to identify potential contacts at firms an advisor wants to reach. The platform finds and tests email addresses, and provides a link to email the prospect. The system automatically generates a suggested email message that can be customized by the advisor.

“We are automating what we know works,” Monaco said, referring to research from McKinsey that shows short, targeted emails to a decision maker are a more effective way of increasing sales than a mass email campaign that hits thousands of people who may or may not be targets for the firm.

The research function draws information from Forms 5500 to show advisors a plan’s expenses, investments and other information.

“As long as it’s on the 5500, or it can be derived as a calculation from the 5500, we can get it in there in a week or two,” Monaco said. He noted the firm is working on adding information about DFVC and amended filings.

— Read The Marketing Metrics That Really Matter for Advisors on ThinkAdvisor. 


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