401(k) Specialist examines AI in retirement plan advice and administration

The October installment of 401(k) Specialist's Deep Dive series examines artificial intelligence in retirement plan services on two fronts. Participant-facing tools guide investments and 401(k) contributions from a smartphone app, the outlet reports, while separate assistants are aimed at the advisors and plan sponsors who run the plans.

The participant-facing guidance is styled to read close to what a person would provide, 401(k) Specialist says. It is aimed at participants the outlet describes as still disconnected and confused about saving for retirement and income in retirement.

For advisors, the outlet describes AI assistants that simplify the scramble of balancing plan documentation, financial recordkeeping and administrative duties, leaving more time for client relationships.

401(k) Specialist also reports new systems being developed to electronically coordinate responsibilities of third-party administrators, recordkeepers and fiduciaries, functions it characterizes as not well connected.

The piece frames the stakes as an open question: whether the technology will bolster retirement specialists or leave them feeling outpaced, and which parts of the planning experience still call for a human touch.