Most technological advances are incremental, with new products offering small improvements over those that preceded them. Rarely does a new entrant go to market with a solution that represents an order of magnitude improvement over the status quo. 401GO happens to be an exception.
The Problem with Retirement Tech
It all started when two of our founders, Dan and Nathan Beck, confronted the challenge of providing 401(k) plans to the employees of another small business they owned. After learning how expensive and complicated the process was, they eventually abandoned the idea. However Nathan, a software engineer, was confident that he could build an alternative from scratch. Two years later, that alternative debuted as 401GO.
The primary reason our technology is such a radical improvement over what came before is our access to modern software development languages and tools. Most of our competitors built their solutions on the same white-labeled product, which is so outdated it was developed long before the consumer internet even existed. Due to the nature of software development, the inherent shortcomings of that technology cannot be remedied.
Yes, the user interface can be made to look better, but it’s really just lipstick on a pig.
The Solution is a New Approach
Unlike the legacy alternative, 401GO was built for the internet, with a codebase that permits extensive automation and the fluid addition of new features. Our partners particularly value those attributes because they save them enormous amounts of time and allow us to rapidly add new functionality in response to their requests.
The evolution of the 401GO partner dashboard offers a good example of our approach to new feature addition. A partner asked us to make it easier to access specific pieces of plan data to make it possible to get right to specific bits of information. That made sense to us as well, and that advanced filtering functionality went from concept to reality in about two months. Now, a financial advisor partner with dozens of plans can immediately access performance data that can inform improvement strategies. For example, they can instantly see which of their clients have low participation rates and develop a non-participant communications plan to raise those numbers.
Automation is the Key
On the automation side, our partners love that neither they nor their clients have to do a thing when it comes to filing compliance documents. Our automation even invoices on their behalf and deposits the funds directly into their accounts. The legacy solution depends on slow, error-prone people using spreadsheets, and of course invoicing remains 100% each advisor’s responsibility.
Automation runs deep in 401GO’s technology and the most obvious example of this is plan setup. We’ve got the process down to 15 minutes, while setup on the legacy platform takes a few weeks. That means using 401GO, our advisor partners waste no uncompensated time dealing with setup issues and can see revenue almost immediately.
Experience the Revolution
If such an improvement over what came before us sounds too good to be true, you owe it to yourself to see our technology in action. Send us your information and we’ll get a demo scheduled.
