Plan Health: A Dynamic Presentation Tool
Have you ever been asked an unexpected question during a plan review meeting? Do you end up rifling through a 100-page plan review and having to tell the Plan Sponsor, I’ll get back to you? Is it hard to access and present plan information in a concise and attractive fashion?
If you answered yes to any of the questions above, we have a solution for you: dynamic presentation tools through Fluent’s UtopiaAdvisor Plan Health application.
How do the presentation tools of Plan Health work?
Access UtopiaAdvisor through your desktop or tablet. In the main workspace, you will see the Book of Business dashboard and UtopiaAdvisor’s apps, including Plan Health. This is where you will live and breathe. (For more information on how UtopiaAdvisor helps you set success measures, use benchmarks, and use plan scoring; see our blog from Monday March 13th).
- Select your metrics – Once in the Plan Health dashboard, use our settings menu to customize the metrics that you would like to display in the dashboard. You can display all metrics at once, or display only a few related metrics at a time, so as not to overwhelm the plan sponsor (remember, you can use the Plan Health dashboard as an interactive presentation tool). The metrics menu covers all aspects of a plan review, ranging from participation and account balances, to loans and hardship withdrawals, asset allocation and investment lineup measures. If you give us the data, UtopiaAdvisor will display it.
- What do you see on the dashboard? – Once you have selected and saved your metrics list, you will see a dashboard of metrics “tiles”. What do you see on the tile? You will see the goal(s) you have selected – for example increase participation rate by 2% – the actual result for the metric, and an arrow indicating whether you have passed or failed, all in one quick glance. Wherever you are with your laptop (or tablet), you have your presentation easily accessible once you have selected metrics for the dashboard. And in one glance, you can see how the plan is doing against its success measures.
- Natural agenda and action plan – If you have many plans in your book of business, it may be hard to give each plan the necessary time to develop a relevant agenda and action plan. With the success measures driven dashboard, this problem goes away. You can quickly identify metrics that are not meeting success measures and focus on creating a meeting agenda and an action plan.
- Drilling down – For some small plan sponsors, seeing the dashboard and getting a sense of the results of success measures may be enough. For many though, they will want to see more. This is where you can answer the unexpected question. For example, while participation may have increased overall by 2%, how do the under 30s look? Hit the metrics button on the tile, and see participation by age group or any other demographic group data that has been submitted. And see trends over time, for as many time periods that you have loaded up data.
- What have you done for me? – Have you ever been asked by a plan sponsor what have you done to justify your fee? Well, answering that is easy with UtopiaAdvisor’s Plan Health application. Use our Comments function, within each metrics tile, to bring in records of your seminar and education activity. For example, if deferral rates are not meeting the goal, and you can demonstrate that you have been delivering seminars, it may be a good justification to talk about stretching the match. Turn the conversation away from fees for seminars, to plan design and adding value. And for the next plan review meeting, you can show how deferrals went up, thanks to the change in the match formula!
- Documenting new goals during a meeting – With our Notes function, you can document newly agreed upon goals within a meeting and get a plan sponsor sign-off right there. If you need to, you can send communications from UtopiaAdvisor while meeting with your client.
We have talked about how the UtopiaAdvisor Plan Health app can transform your client meetings and help you identify problem areas, create meeting agendas, and develop action plans quickly and easily. Instead of focusing on canned PowerPoints or printed reports, you can trim your presentation to only the most important metrics using our interactive dashboard and presentation tool. And you can drill down and answer the unexpected question, show what you have been doing for the plan, and document and implement meeting conclusions.
UtopiaAdvisor’s Plan Health app can transform your plan review meetings from boring and staid reviews of static reports and interpretable data that sponsors do not understand to collaborative discussions with meaningful exhibits that demonstrate your value. What are you waiting for, contact us at Fluent today to learn more!
Learn more about Fluent Technologies’ UtopiaAdvisor. Come to booth #437 at the NAPA 401k SUMMIT or visit our UtopiaAdvisor page www.fluenttech.com/advisor-solutions