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2019 401kTV GENIE Awards in Chicago

2019 401kTV GENIE Awards in Chicago

2019 401kTV GENIE Awards in Chicago, saw approximately 90 plan sponsors plan providers, and retirement plan advisors gather to discuss how technology is impacting retirement plan participants. Panels on Plan Design, Communications, Investment Design, and Advice & Financial Wellness led the day – which culminated with Mr. Doug Sabella, Co-Founder of Payroll Integrations.com winning the overall Technology Category.  Fred Barstein was able to catch-up with Mr. Sabella at the conclusion of the award presentation.  An important contributor to the success of any tax-qualified retirement plan is the orderly passing of data among all parties involved.  During their conversation, Mr. Barstein and Mr. Sabella discussed the need for retirement plan sponsors and plan providers to make full-use of 360-degree payroll integration.  View this video to learn the importance of passing plan and participant data among all interested parties.  Plan sponsors are learning how simple this data-transfer can occur. Then plan sponsors and plan participants can take full advantage of the retirement plan benefit.

Full Transcript Here

Fred Barstein:
Fred Barstein with 401k TV in chilly Chicago, where we just completed the 2019 GENIE awards. I am happy to be here with Doug Sabella who is the co-founder of Payroll Integrations. Welcome, Doug.

Doug Sabella:
Thank you, Fred.

Fred Barstein:
Okay if we ask you a few questions?

Doug Sabella:
Absolutely.

Fred Barstein:
Doug was a finalist and actually, the winner of our second ever GENIE awards for his company. Congratulations on that.

Doug Sabella:
Thank you.

Fred Barstein:
He started his career out in digital marketing. He worked for Salesforce and in 2016, came up with this brilliant idea on payroll integration. We’re going to talk a little bit about what Doug does. Doug, coming from where you are, why did you even look at this subject of payroll integration?

Doug Sabella:
It was actually my co-founder Andrew, that came up with the idea. He was working at a technology-based financial advisor and noticed that there was a serious lack of technology enablement. Especially in the movement of data space in the retirement space. He came up with the idea. I was working in product management at Salesforce at the time. We came together to build this company. Really soft launch it in 2016 and 2017.

Fred Barstein:
We know that payroll integration is a big issue, especially when it comes to automatic enrollment, escalation and all of those things which are critical and what we teach a little bit about. What does your software do?

Doug Sabella:
What it does is, it automatically facilitates the transfer of data between a payroll company and a 401k record keeper. Likewise, if someone makes a deferral change or a loan change or in this case auto-enrollment or escalation in our record-keeping platform, the data flows back automatically to payroll.

Fred Barstein:
That’s 360?

Doug Sabella:
Yes.

Fred Barstein:
360.

Doug Sabella:
Full 360.

Fred Barstein:
Don’t record keepers do that themselves? Obviously the record keepers who are payroll companies, they don’t need it. They’re doing it themselves, but record keepers have been doing this already, where do you step in? Where did you see the opportunity?

Doug Sabella:
You’d be surprised by how little record keepers are actually doing this in the truly automated fashion. A lot of people have in-house teams who will handle this manually on behalf of a financial advisor.

Fred Barstein:
I see.

Doug Sabella:
A lot of the institutional clients that you see actually don’t offer full 360 in the automated fashion. Where we come in is, we do automate that process out, which saves obviously a lot of time for a record keeper as well as a plan sponsor. Over a week a year for a plan sponsor, actually.

Fred Barstein:
I know you haven’t gotten to that yet, but you can see eventually there’s going to be a lot of data that’s going to be available that will also be helpful in the plan. Where do you see the data part going in the future?

Doug Sabella:
Obviously, as you touched on, there’s a lot of data flowing back and forth. A lot of insights that can be gleaned from that data. What we are really looking at is, combining our first-party proprietary data with third-party sources to build out comprehensive models of a participant for an advisor or for a plan sponsor or record keeper, et cetera.

Fred Barstein:
Work with the record keeper. What are other third parties that you might be able to partner with?

Doug Sabella:
There are some third-party data sources. A lot of it is a little bit under wraps, but basically what we’re doing is through machine learning and predictive analytics, being able to proactively say a participant, for example, will becoming eligible for life insurance. You should sell them life insurance, for example. Products of that nature.

Fred Barstein:
Very good. It’s a very important topic. I know it’s of keen interest to our viewers, our plan sponsor, and advisor viewers. Keep up the good work. Again, the name of the company is Payroll Integrations. Dotcom?

Doug Sabella:
Dotcom.

Fred Barstein:
There you go, dot com. If you’re interested, go there to their website, and congratulations on your GENIE award.

Doug Sabella:
Appreciate it. Thank you, Fred.

Fred Barstein:
Thank you for watching 401k TV. Please stay tuned.

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