Thanks to two recently announced partnerships, technology is building smarter 401(k) plans.
New York-based RiXtrema, a portfolio crash testing and risk management tool provider for financial advisors, announced in March a partnership to bring BrightScope’s vast retirement plan database to advisors’ fingertips.
Philadelphia-based BizEquity announced recently the addition of a similar data set, which it deems as “Benefit Plan Data” to the Big Data Prospector feature of its Advisor Office platform.
Both offerings involve the inclusion of big data in the form of massive amounts of defined contribution plan information, mostly culled from Department of Labor Form 5500 filings, into financial advisors’ platforms.
“BizEquity will not stop adding data to our patented service until we provide the most powerful insight for every private company and for the advisors that serve them,” said Amir Tahvildaran, BizEquity’s vice president of data engineering, in a released statement. “The incorporation of 5500 data is another step in our US market file to show our big data on small business leadership.”
Using BrightScope’s Plan Data Network platform, RiXtrema’s tools like IRAFiduciaryOptimizer and 401(k)FiduciaryOptimizer can help advisors make best interest determinations within retirement plans and rollovers by accessing one of the largest bodies of 401(k) information available.
BrightScope’s Plan Data Network works with eight of the top 10 U.S.