Paychex Tech Enhancements Improve Advisor Efficiency
What advisor doesn’t want to make their work easier?
Enter Paychex’s Advisor Console, which is designed as a “service enabler,” providing tools that allow the advisor to more efficiently service clients, according to Ken Burtnick, the company’s senior manager of product management.
An enhancement of the Advisor Console is occurring in several phases and will incorporate key features to create a seamless management experience for advisors.
The interactive portal is easy to use for advisors, as well as plan sponsors and participants, and offers a view of real-time updates to plans and investments in a consistent format whether on a computer, laptop or mobile device.
“Our goal is to enable and empower the advisor so they can provide a higher level of service than they could otherwise,” says Burtnick.
To this end, the Advisor Console now incorporates plan analytics into the dashboard.
“Advisors can view real-time analytics plan by plan,” explains Burtnick. “It enables them to be proactive and make timely adjustments in response to market volatility or other factors.”
He also points to the Advisor Console’s unique combination of service enablement while creating operational efficiency.
Since advisors often use similar funds for multiple plans, they can make a change to investment choices - replace Fund A with Fund B, for example - and it will update across the board, greatly increasing efficiency.
Additionally, when an advisor changes an investment in the Advisor Console, the change triggers a communication that is sent to the plan sponsor and participants detailing “the how, the why and when,” says Burtnick, which streamlines the fiduciary process and notifications.
“These features really benefit advisors who are truly in the practice of serving qualified retirement plans,” he adds.
Looking ahead, Paychex will continue to address the ongoing importance of assessing plan health by delivering tools that enable advisors to address these elements proactively. One feature currently in development will provide a detailed look at the analytics of a specific plan, where advisors can see what participants are selecting, how much they are deferring and even view results segmented by gender and other demographics.
Burtnick notes that advisors will be able to use this data to show trends and other pertinent insights to plan sponsors and participants.
Paychex will also continue updating its automation and unrivaled integration points to address the evolving -- and growing -- importance of Health Savings Accounts (HSAs). Burtnick views HSAs as an especially critical component in retirement planning and predicts that Paychex’s updates on this front will greatly assist advisors in meeting this challenge.
He adds that Paychex will continue to enhance the Advisor Console to increase operational efficiency with more timely data and automated processes for one main reason.
“We are always striving for ways to help our advisors differentiate themselves in the market.”