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Reimagining Retirement | Episode 8

On July 23, 2024, Bonnie Treichel, Chief Solutions Officer of Endeavor Retirement, hosted Endeavor’s eighth episode of Reimagining Retirement: Participant Data in Your Practice.

Watch the replay now:

The episode featured three thought leaders: Jerry Yen from Advice Analytics, Eve Bell from Human Investing, and Thomas Clark from The Wagner Law Group.

It was an hour filled with action items, but a few key themes jumped out:

  • Better participant outcomes: Utilizing participant data can help inform better outcomes for participants. For example, utilizing information from a recordkeeper can result in a better one-on-one meeting with a participant by being more prepared with information about the participant in advance of the meeting.
  • Agreements: Leveraging participant data requires clarity in contracts. All service providers (think recordkeeper, third-party administrator, advisor) that have access to, or utilize, participant data should identify such use in their agreements with the plan sponsor.
  • Access to data requires protection of data: The Department of Labor has previously issued guidance related to how service providers should protect data. While businesses can benefit greatly from leveraging data, it can also be detrimental to access such data if it isn’t protected in the process.
  • Today’s opportunity: Now is the window of opportunity in financial services. Attendees were encouraged to use this time to initiate strategic meetings within their firms to think about how to leverage data for business building and also to help participants achieve better outcomes.
  • Litigation: The lawsuit to watch right now is Carfora v. TIAA where TIAA is being sued for alleged breach of fiduciary duty for cross-selling their advisor-managed account service called Portfolio Advisor. The argument is that TIAA caused participants to roll money out of the plan and into more expensive TIAA options outside of the plan.

If you had questions that weren’t answered during the session, email us at info@endeavor-retirement.com, and we look forward to speaking with you further about your questions or insights from the discussion. Until next time!

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