RiXtrema Launches AI-Driven 401(k) Client Engagement Tool

RiXtrema Inc., a technology firm focused on the retirement plan and financial adviser space, is joining the artificial intelligence push with an AI-driven 401(k) tool for client lead creation and engagement.

The New York-based RiXtrema announced Wednesday AI-driven adviser productivity tools 401kAI and AdviserAI. The subscriber-based tools are designed to gather pertinent plan information, summarize it using large language modeling, and create custom emails and call pitches quickly, according to the announcement.

The 401kAI tool contains the information of 850,000 retirement plans drawn from Form 5500s and any daily filings related to the plan, according to founder and president of RiXtrema, Daniel Satchkov. A subscription to the AI-driven tool also includes proprietary contact information for more than 3.1 million corporate executives generated from a crawling algorithm combined with large language models, Satchkov wrote via email.

“401kAI has the capabilities of ChatGPT, but also knows details of 850,000 retirement plans,” Satchkov said in a statement. “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.”

RiXtrema’s 401kAI tool can analyze a retirement plan in about two minutes to produce an executive summary. Each summary incorporates all of a plan’s filings, with users being able to control the length and style and the ability to regenerate the plan for targeted information, according to the announcement.

The emails generated by 401kAI incorporate data about the plan including red flags, ratings, deficiencies, history of participants and assets. The emails can also include the adviser’s services and biography, and focus areas can be on areas such as plan problems, legal cases, and relevant regulations.

RiXtrema is marketing its product, which costs $89 to $349 a month, depending on the subscription type, to plan advisers through inbound approaches and live events, Satchkov said via email. He noted that a live event in May brought in close to 1,000 sign-ups and 350 live attendees, and 54 firms are using the new tool as of Wednesday’s launch.

RiXtrema’s financial adviser-focused AdvisorAI tool is designed for portfolio analysis and creating customer emails and call pitches. The tool summarizes all aspects of portfolio risk, creates custom emails for each lead, learns in detail about each lead’s financial situation, knows services the adviser can offer, and is integrated with each adviser’s compliance tools, according to the announcement.

Satchkov said in the announcement that advisers can boost productivity by 10 times the average pace by leveraging the AI-driven tools. He also argued that people who are afraid of AI, or are avoiding it, should move beyond their concerns and start trying the technology.

“Advisers who don’t adopt this technology are going to find themselves way behind very quickly,” Satchkov said. “This is not going to take years, because the technology itself is not new.”

RiXtrema was founded in 2010 and currently works with more than 7,000 retirement plan advisers.