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Products June 17, 2014
Invesco Adds Cost Comparison Tools to Plan Analyzer
Invesco has updated its DC Plan Analyzer application to include detailed cost benchmarking capabilities that allow advisers to deliver plan expense comparisons directly to sponsor clients.
Reported by PLANADVISER staff
Driven by 401kSource.com’s database of 182 product offerings from 64 well-known providers, the cost comparison tool grants users the ability to see what plans of a similar size and shape are paying for various services—from investments to recordkeeping to third-party administration.
Jeffery Hemker, a national sales manager in Invesco’s retirement division, says the updated functionality makes the firm’s DC Plan Analyzer one of the first industry tools that can provide plan design and cost comparison benchmarking data direct to sponsors and advisers via a tablet application.
To use the app, advisers first input various data points on the plans they serve, including the average account values and details on participant demographics. The application then displays average costs experienced by comparable plans, broken down by quartile. Users can explore the data to compare what other plans are paying for different types of services, Hemker says.
“There’s no longer the need to gather information from the client, return to the office to run a report and then schedule another meeting with the client to go over it,” he adds. “The app gives them the ability to do all of that in one meeting.”
Other time-saving features of the app include a document briefcase that stores searches and important data, as well as the capability to generate customized reports with clients’ name and information, which can be emailed directly to the client.
Additional information is available at www.invesco.com.