RiXtrema announced two groundbreaking AI-driven productivity tools: AdvisorAI™ and 401kAI™. AdvisorAI and 401kAI incorporate powerful data capabilities that allow subscribers to rapidly gather pertinent information, get summarization and analysis in minutes, and then quickly create custom emails and call pitches. With these tools, advisors can be more productive and effective, potentially increasing their efficiency 10X.
In a recent video interview with industry influential Marie Swift, CEO of Impact Communications, RiXtrema President Daniel Satchkov explained why these new AI tools are generating so much interest with fiduciary advisors nationwide. To view the video replay, click here.
BENEFITS OF USING THESE AI-DRIVEN TOOLS
401kAI is a tool for advisors to use as they court and seek to win the business of plan sponsors. It contains detailed data on 850,000 retirement plans, with full information on all current laws, regulations, and legal cases, and is integrated with compliance tools. 401kAI can summarize dozens of plans with one click, help write custom emails for the plan, and create effective calling pitches for a plan.
401kAI analyzes any plan in two minutes and offers an Executive Summary. Each summary incorporates all of a plan’s filings, with 401kAI choosing the most important points. Advisors control the length and style of the summary, and can regenerate summaries for a plan, as many times as needed, to get a perfect one.
“If an advisor were to analyze a plan themselves, the filings alone could be 50 pages long,” said Daniel Satchkov, Founder and President of RiXtrema. “To summarize a plan could take hours. Now imagine you have hundreds of plans that you prospect. 401kAI allows advisors to access all the data about qualified plans in the US. Once logged into 401kAI, they simply go into a plan and say ‘Summarize this plan for me.’ The algorithm goes through all of the data, all of the filings, and in just minutes gives you all the key points about the plan in one executive summary. When one of our clients saw that they said it’s like getting three hours of work done in 10 minutes.”
401kAI can draft eloquent emails, saving hours each month. Every email incorporates specific data about the plan (i.e., plan red flags, ratings, deficiencies, history of participants and assets). Every email can incorporate the advisor’s services and highlights of their biography. Emails can focus on plan problems, recent legal cases, and regulations. Advisors can regenerate emails for a plan as many times as needed to get a perfect one.
“401kAI has the capabilities of ChatGPT, but also knows details of 850,000 retirement plans. The unfortunate part of ChatGPT is that it only has information up to 2021, nothing beyond that. People think about ChatGPT as the machine that talks, the machine that speaks. But, really, it’s like a parrot – a very well read parrot – but only on information up to 2021,” stated Satchkov.
AdvisorAI is a tool for advisors to improve productivity with portfolio analysis and creation of custom emails and calling pitches. The tool summarizes all aspects of portfolio risk in one click, creates custom emails for each lead, learns in detail about each lead’s financial situation, knows services the advisor can offer to get a meeting, and is integrated with their compliance tools.
AdvisorAI can draft eloquent emails, saving hours each month. Every email incorporates client-specific portfolio, financial information and detailed analytics on each investment. Every email can incorporate the advisor’s services and highlights of the biography. Emails can focus on plan problems, recent legal cases, and regulations. Emails can focus on portfolio risks, asset contributors to risk, personal financial situation and risk capacity, and advisor competencies.
AdvisorAI analyzes portfolio risk and the client’s situation in two minutes and offers an executive summary. Each summary incorporates investments, contributors to risk, top scenarios where a portfolio loses money, and client’s financial situation. The advisor controls the length of the summaries, and can regenerate summaries focusing on different aspects of risk and client situations.
“With AdvisorAI, if you have a statement or document from a client that you need to read or summarize, you can upload into AdvisorAI and select the option ‘Summarize this document for me. Give me all the mutual funds that are mentioned in this document. Give me their expense ratios.’ Instead of an advisor reading through and working with these documents, client statements, or filings, with AdvisorAI, they can have a summarization of the data in minutes. This leaves the advisor time to do the human part of the work – interacting with the client,” continued Satchkov.
Both 401kAI and AdvisorAI include a mobile app. This makes it easy to provide quick notifications while on the road, helping users with personalized information for swift, effective communication. If an advisor receives a notification of a call or email, these revolutionary tools can summarize information about that client or prospect and create a calling pitch so the advisor can respond quickly. The summary will give the person’s history with their numbers and enough information to have a quick conversation or maybe set something up later. The importance of the mobile app is that it allows advisors to get back to people quickly and increase the chances of winning business.
“The main purpose of the mobile app is not to sit there and try to actually do work on the phone,” commented Satchkov. “That’s not very healthy for your eyes or your attention or your social life. No, the purpose of a mobile app is when you’re on the road, to be able to get notifications quickly and be able to give an informed response right away.”
401kAI and AdvisorAI can boost productivity – and up to 10X efficiency. Tools like 401kAI and AdvisorAI are multipliers. They multiply an advisor’s efforts to save time. Communicating can be difficult and time consuming, so advisors may tend to communicate less. This can hurt an advisor’s standing with clients and prospects. These tools allow an advisor to communicate frequently without spending as much time. With the right tools, advisors can achieve 10X communication efficiency; write amazing custom emails; create fast and effective calling pitches; have full control over these AI tools; summarize and analyze quickly; and store data for compliance purposes.
RISKS OF SLOW ADOPTION BY ADVISORS
“People who don’t try AI will be hostage to myths, such as the myth that AI is 800 times smarter than humans, or it will enslave us all, and more,” said Satchkov. “I’m not saying that AI cannot cause harm. But causing harm and being smarter than humans is not the same thing. For instance, a piano that is dropped from a 30th floor can cause a lot of harm, but that doesn’t mean that it’s smart. AI is a very powerful tool but it is not smarter than humans. So once you remove those misconceptions, after you remove all that noise and separate the wheat from the chaff, you will see that tools like 401kAI and AdvisorAI can cut down the time advisors spend on drudgework. In fact, it can cut out 40% of the hours spent on drudgework. I think that’s truly incredible.”
Satchkov emphasized the need for advisors to try these tools to understand their benefits accurately and dispel misconceptions about AI’s superiority over humans. That’s why RiXtrema offers a 100% money back guarantee for 401kAI and AdvisorAI. If unhappy with the product or unable to use it, RiXtrema will return the purchaser’s money within 30 days of purchase.
“I think that many people are confused by the hype around AI, by the type of hope and by the fear that clouds things. That’s why we give 30-day money back guarantees to advisors when they purchase one of our AI tools. They can just return it and we’ll provide a refund. The reason is that we want people to try the products so they will understand exactly how these tools are helpful. If they’re not ready to truly embrace the tools, they can come back later. But they really need to try it in order to understand what it can do for them,” stated Satchkov.
“Advisors who don’t adopt this technology are going to find themselves way behind very quickly,” continued Satchkov. “This is not going to take years, because the technology itself is not new. At RiXtrema we have used AI for at least eight years now so we really know what we are doing at this point.”
“AI tools like 401kAI and AdvisorAI are where things are going. Very soon, advisors will find that if they’re not using this type of technology, they’re going to be wasting an incredible amount of time that will really put them out of business,” Satchkov said.
ABOUT RIXTREMA, INC.
RiXtrema Inc. is a pioneer in developing innovative tools for financial advisors using machine learning (AI) and data science. Based in New York, NY, RiXtrema currently serves over 7,000 retirement plan advisors and xx financial advisors. The company’s mission is to help advisors grow their businesses and comply with fiduciary regulations. RiXtrema was founded in 2010 as a quant risk management system and started serving advisors in 2015. Since then, the company has combined the best machine learning (AI) for data gathering and financial math to create actionable reports for fiduciaries. RiXtrema’s products use fiduciary analytics, science-based mathematical risk assessment models, intuitive interfaces, fine-tuned searches for plans and sponsors, case studies for each RiXtrema product, science-based mathematical risk assessment models, web-based software that does not need to be installed on computers, and multi-platform support irrespective of the operating system and computer’s performance. All RiXtrema products come with a money back guarantee. For more information visit https://RiXtrema.com/.