Trust Builders, Inc, a company specializing in retirement modeling, analysis and illustration software for 401(k), 403(b) and government retirement plan advisors, announced the release of its new Batch Processing module for the TRAK-Online retirement readiness portal. The Batch Processing module helps advisors provide engaging retirement readiness illustrations to plan participants and plan sponsors.
The Batch Processing module complements the existing TRAK-Online modules by improving communication between advisors, participant groups, plan sponsors and individuals. The module is a suite of three complementary reports: the Batch Gap, Contribution Analysis and Participant Benchmark reports.
Advisors can quickly import participant census data into the Batch Processing module to generate a personalized, one-page Gap Analysis report for each participant. This easy-to-understand report grabs the attention of participants, who see a re-creation of their own paycheck and the contribution needed to retire successfully.
“I believe our Batch Gap report is the most exciting 401(k) participant engagement solution in the industry,” said Edward Dressel, president of Trust Builders. “It is making a big difference for participants, advisors and plan sponsors.”
The second report in the Batch Processing module, the Contribution Analysis report, helps advisors show participants how different contribution levels affect not only their retirement savings but also their current take-home pay. This level of detail, customizable by the advisor, helps participants reach their retirement goals one step at a time. Customizable features, such as the ability to model increasing contributions over time, allow participants to understand the value of saving more each year.
The third report, the Participant Benchmark report, is specifically for plan sponsors. It allows advisors to provide plan sponsors with critical data – not only current data about their plan but also data on the plan’s performance over time. Plan sponsors immediately gain a high-level view of their plan including what’s working well and where there is room for improvement.
The Participant Benchmark report is a powerful differentiator for advisors. Jonathon Schultheiss, a partner at Gate City Advisors in North Carolina, recalled telling a plan sponsor, “I’m the only advisor here who has been able to show you beyond a shadow of a doubt that your participants are better off having hired me than the other advisors.”
Before adopting TRAK’s Batch Processing module, Gerald Wernette, principal at the Rehmann Group in Michigan, gave participants generic information. “[Before TRAK] we had typical enrollment meetings where employees were not paying attention because it was not their information,” explained Wernette. “TRAK has become our must-have tool. You have to have something like TRAK that puts personalized information in front of employees at the time of the enrollment process. If you’re not doing that, you’re doing a disservice to the success of the plan and the participants.”
ABOUT TRUST BUILDERS
Trust Builders helps advisors build their clients’ trust. Having started in 1986 as a retirement investment firm for teachers and other public employees, Trust Builders specializes in retirement modeling, analysis and illustration software for 401(k), 403(b) and government retirement plan advisors. Trust Builders, Inc. is committed to continuously improving its software and to supporting agents and brokers with online and classroom-style training. For more information, visit www.AskTRAK.com.