NEPC’s Mikaylee O’Connor was quoted in a recent PLANADVISER article to discuss the concerns of plan sponsors regarding participant data and the evolution of how it’s being used. View the article on PLANADVISER’s site here.
“Amid the rise of machine learning and continued digital transformation across the retirement landscape, the role—and value—of Big Data in the industry appears to only be getting, well, bigger. For plan advisers, the increase in data availability and use creates myriad opportunities to better fit plan design to the needs of plan sponsors and better tailor financial advisement to the needs of participants.
But the debate continues as to whether plan sponsors must treat participant data as a plan asset, and regulations around the proper use of such data continues to evolve, according to industry players.”
. . .
“One of the biggest areas of concern for plan sponsors is that their plan data is going to be used in a way to sell participants on something they don’t need or get them to leave the plan when they shouldn’t,” says Mikaylee O’Connor, head of defined contribution solutions at NEPC. “That’s an area where there’s still a dance going on between plan sponsors and advisers.”
Click here to continue reading the full PLANADVISER article.