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.