Press Release

Freedom Fiduciaries® Unveils Revolutionary Retirement Plan System, Freedom 360

Issued by Freedom Fiduciaries

Apr. 2, 2024

In a groundbreaking move, Freedom Fiduciaries announces the launch of Freedom 360, a comprehensive and proprietary retirement plan management system developed specifically for the Freedom Fiduciaries team and their Bac(k) Office partners. This innovative platform aims to transform traditional industry service models by automating the cumbersome and repetitive tasks that have traditionally undermined efficiency and accuracy in service delivery. This automation enables advisors to focus on strategic decision-making, enhance client service, and boost participant engagement.

At the heart of Freedom 360 lies a sophisticated array of machine learning algorithms. These algorithms are crucial in analyzing user behaviors, service patterns, and engagement levels, helping to identify and categorize the time spent on each client and process. This state-of-the-art technology allows for more precise projections and evaluations, identifying optimization opportunities and detecting potential issues before they become problematic.

“At Freedom Fiduciaries, we’re acutely aware of the systemic fragmentation in our industry and the significant lack of meaningful participant engagement, largely due to constrained resources and limitations in recordkeeper data. This situation has frequently resulted in a less than ideal experience for both plan sponsors and participants,” states Shane Hanson, President and CEO of Freedom Fiduciaries. “With the introduction of Freedom 360, we’re tackling these issues directly. Our aim is to close these divides by providing a cohesive solution that not only makes plan management more efficient but also markedly improves the overall client experience. We are advancing towards a future where efficiency, engagement, and fiduciary duty come together to offer an enhanced experience for all involved.”

Introducing Participant (k)onnect: A New Paradigm in Personalized Engagement

At the heart of Freedom 360 is the unveiling of Participant (k)onnect, a groundbreaking participant engagement engine. Leveraging artificial intelligence and an extensive metadata framework, Participant (k)onnect revolutionizes how advisors interact with participants. Spanning from eligibility to separation of service, this engine delivers personalized, timely, and pertinent communications, markedly improving the participant experience and engagement levels.

Empowering Efficiency with Kaleó

Freedom 360 introduces Kaleó, a proprietary automation bot crafted to reduce the heavy administrative load linked with retirement plan servicing. By automating tasks including quarterly reporting, investment data compilation, meeting minutes, educational presentations, plan highlights, and the generation of plan sponsor reports, Kaleó not only boosts efficiency but also enables advisors to focus more on client engagement and strategic advisory responsibilities. Additionally, Kaleó possesses the capability to monitor service tasks by client and track service activity according to agreements, as well as schedule benchmarking, trustee, and educational meetings.

Fiduciary Freedom® Center: Centralized Document Management

The Fiduciary Freedom Center exemplifies Freedom 360’s commitment to accessibility and streamlined management. As a centralized repository, it provides plan sponsors and partner advisors with immediate access to essential documents, including plan agreements, open cases, regulatory reminders, plan details, fiduciary training materials, and more. This eliminates the inefficiency of using multiple, uncoordinated portals. Additionally, Kaleó integrates with the center, automatically archiving meeting minutes, investment reviews, quarterly reports, benchmarking results, and more, further enhancing the system’s efficiency and ease of use.

Integrating Fee Tracking and Service Provider Benchmarking

With Freedom 360, tracking current plan fees and benchmarking service providers are seamlessly integrated into a single, unified system. This integration simplifies the traditionally manual process of setting reminders and conducting benchmarking, ensuring high levels of accuracy and efficiency in plan management. The system automates the request for proposal (RFP) process, prompts current providers to submit their information, and automatically compares them in a presentation ready for clients. Additionally, the system communicates with service providers regarding the status of the proposal to eliminate uncertainties and minimize the need for follow-ups.

Revolutionizing Participant Education and Engagement

Freedom 360 streamlines the dissemination of educational materials, enabling advisors to quickly generate and share customized educational material with just a single click. This advancement considerably cuts down preparation time while ensuring that participants gain instant access to pertinent and engaging content. Additionally, educational materials can be distributed via Participant (k)onnect.

A New Benchmark in Efficiency and Effectiveness

By automating a wide array of processes and offering a comprehensive 360-degree perspective of each retirement plan, Freedom 360 eradicates the fragmentation and manual effort traditionally linked with retirement plan servicing. This enhancement not only improves the accuracy and efficiency of service delivery but also delivers detailed insights into plan performance and participant engagement.

Cristina Hanson, VP of Client Service at Freedom Fiduciaries, commented on the transformative impact of Freedom 360, stating, ‘With the deployment of Freedom 360, we’re not just enhancing our capabilities; we’re revolutionizing the way we service retirement plans. This platform allows us to scale every aspect of retirement plan servicing efficiently. By automating routine tasks and integrating cutting-edge technology, we’re now able to focus our energies more on being proactive and solving complex problems for our clients. It marks a significant leap forward in our ability to provide tailored, anticipatory service and uphold our commitment to the highest standards of fiduciary care.”

About Freedom Fiduciaries®

Freedom Fiduciaries is a full-service retirement plan consulting and technology firm, featuring Bac(k) Office capabilities for partner advisors. The team is committed to enhancing participant engagement, elevating plan sponsor service, and streamlining plan management. With the introduction of Freedom 360, Freedom Fiduciaries underscores its dedication to innovation, exceptional service, and the highest standards of fiduciary care.

Advisory services are offered through Freedom Fiduciaries LLC, an Investment Advisor in the State of Idaho.

The information contained herein should in no way be construed or interpreted as a solicitation to sell or offer to sell advisory services to any residents of any State other than the State of Idaho or where otherwise legally permitted. All content is for information purposes only. It is not intended to provide any tax or legal advice or provide the basis for any financial decisions. Nor is it intended to be a projection of current or future performance or indication or future results. Moreover, this material has been derived from sources believed to be reliable but is not guaranteed as to accuracy and completeness and does not purport to be a complete analysis of the materials discussed.

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