New York Life Partners with Anova for Benchmarking Service

New York Life Retirement Plan Services, a provider of retirement solutions, is offering a service for retirement plan advisers called Consensus. The service is powered by Anova Consulting Group, a financial services market research and sales training firm.

Consensus will allow retirement plan advisers to evaluate client satisfaction levels and will generate quantitative and qualitative feedback on adviser service delivery. It will also provide segmentation analysis, benchmarking against other advisers, and identification of at-risk and satisfied clients.

“We want to drive better outcomes for our advisers, sponsors and participants, and we see Consensus as a natural complement to our ongoing focus on client satisfaction,” said Patrick Murphy, managing director of sales at New York Life Retirement Plan Services.

The service asks sponsors to rate their adviser using more than 50 criteria ranging from quality of service, to communication frequency, to their willingness to recommend their adviser to another plan sponsor. The adviser receives a customized report that aggregates their data in perspective of industry standards and provides qualitative feedback, according to Murphy.

Advisers do not need retirement plans on New York Life’s platform in order to participate.