New PlanPro Tool Automates 401(k) Fee Disclosure Analysis Using AI

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To meet the growing focus on retirement plan fees, PlanPro today announces the public beta release of PlanScanner—an artificial intelligence-backed tool that breaks down and analyzes retirement plan fee disclosures—providing advisors with an edge to illustrate fee opportunities in plan design and IRA rollovers.

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The first tool of its kind, PlanScanner enables users to extract the investment lineups contained in uploaded ERISA mandated fee disclosures (408(b)(2) and 404(a)(5)) for analysis in the PlanPro software, prospecting reports or Excel download, reducing what is normally a time-consuming task down to seconds.

PlanScanner’s technology recognizes disclosures from varying providers including scanned disclosures using OCR technology. Currently available via the PlanPro software suite or API, PlanScanner brings a new level of transparency to qualified plan fees enabling the workflow, analysis and communication of advisors, service providers and software companies.

PlanScanner liberates users from tedious data entry, which is typically the result of a multitude of different disclosure formats used by providers. It’s a task that often requires digging through a PDF, repetitive copy+paste, and the use of a search engine to identify investments. With PlanScanner’s investment and fee analysis at their fingertips, advisors and other providers are able to provide valuable intelligence with quicker turnaround times to keep leads from going cold.

PlanScanner compliments PlanPro’s database of Form 5500 investment lineups, and integrates seamlessly with the core PlanPro software where uploaded fee disclosure data can be used to assess fiduciary compliance and fee savings. PlanScanner provides particularly valuable insight into the roughly 85% of 401(k) plans that do not file a long-form 5500 due to their smaller size, and are thus lacking any fee or investment transparency.

“It is too difficult today for advisors, plan sponsors and participants to get basic insights on their retirement plan design. Our goal is to allow financial professionals and non-professionals alike to understand basic plan design and fee characteristics with little effort. You shouldn't need a CFA and hours of time to assess a plan” says PlanPro founder, Michael Magnan. “Time-consuming, tedious tasks like this are a key area where AI can have a big impact, and PlanScanner is a big step in changing this paradigm.”

About PlanPro

PlanPro helps the defined contribution community navigate and capitalize on evolving client needs through innovative software and technology. Serving advisors, recordkeepers, TPAs and asset managers, PlanPro offers data and analytics solutions that help them to better grow their retirement plan business and serve their clients. Led by a team with extensive experience creating software used by the largest global asset managers, investment consultants and investors, PlanPro is committed to developing world-class solutions to better America’s retirement. For more information on PlanPro, please visit http://www.planprofessional.com.

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Michael Magnan
PlanPro
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