Well-managed data is essential to providing a premier participant experience and being an excellent partner to your plan sponsor. Not only will you protect your business from unnecessary compliance risk you’ll also be prepared to take advantage of these key opportunities that will set you apart from the competition and help your business thrive in the future.

Opportunity #1: Make Better Plan Recommendations 

Clean data on your participants allows you to pinpoint areas for growth and make informed recommendations for your plan sponsors. When you understand which employees or groups are most at risk for retirement shortfalls you’ll establish yourself as a valuable thought partner and cement your relationship with your clients.

Opportunity #2: Uncover Wealth Management Clients

One way clean data can support AUM growth is by giving you the resources to uncover wealth management clients. Well-maintained data is a dependable resource to uncover high-net-worth individuals who may be looking for help managing their assets. 

Opportunity #3: Provide an Enhanced Participant Experience

Plan sponsors increasingly expect their RPA to help all their employees with all of their benefits. This is easier said than done - a factory line worker will not respond to the same types of communications as a desk worker. An engaging participant experience will require a more personalized service, that accounts for unique demographic differences like age, type of employment, access to technology, financial status, etc. You’ll need to have up-to-date information to be able to share the right materials with the right people at the right time.

Clean data will allow you to engage a diverse employee base and better serve your plan sponsor clients. To read the full article and learn how to get started with better data practices, click here.