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TRAK's Batch Processing
Educating participants has never been more effective.
Education is most effective after making a connection with a person. Without the connection, the ability to help someone understand what is being communicated is difficult. TRAK's Batch Processing reports achieve this connection by illustrating paycheck values—something every client understands.
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| Illustration from the Contribution Analysis Report. A person can see their-take home-pay and understand the effects of increased deferrals.
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This connection point helps an advisor move a client forward in the education and decision making process. And when a client understands what they are doing, they connect with the advisor, make longer lasting decisions and are more likely to disclose other accounts they may have for retirement.
Historically, the Batch Processing tools have been a popular tool in the 401(k) industry where advisors spend less time educating clients one-on-one and more time working with groups. The efficiency of generating the reports provides an easy way to provide a base level of education for each individual. But with changes brought by the Pension Protection Act, the reports are increasingly popular on the 403(b) world as well.
Two separate reports can be generated with TRAK's Batch Processing tool: Contribution Analysis and Batch Gap. Both are discussed below.
Batch Gap
The Batch Gap report provides each individual in a group with a look at their potential shortfall given their current balance and contribution level. The analysis allows for including both pre-tax and Roth accounts, and increased contributions to the pre-tax and/or Roth account (as configured by the advisor).
The person viewing their report not only sees potential retirement shortfall, they also can see how they need to increase their deferrals.
There are many other features available in the Batch Gap calculator, all designed to help efficiently educate clients about retirement.
Contribution Analysis
The Contribution Analysis report quickly shows a client how increase deferrals affect their paycheck (as shown above) and also illustrates the accumulation of the account value at retirement.
And while many advisors look at the report and object that there is too much information, advisors who have used the report comment that because it initially includes the client's paycheck values, client's are able to connect with what the report is showing and make better, longer lasting decisions.
The Contribution Analysis report includes many other features not included here—features designed to help advisors effectively educate their clients.
Education that is Effective and Efficient.
The Batch Gap and Contribution Analysis reports provide a pair of tools that help advisors connect with clients, help them quickly understand where they are at, and make quick decisions. But just don't take our word for it, download a demo of TRAK today and start seeing for yourself why thousands of advisors use TRAK when working with their clients.
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| What TRAK users are saying
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If you are looking for an easy to use, flexible, and accurate program that will support you in reaching your potential, choose TRAK.
Jerry Adzima
Reliant Financial Services | The excitement created by TRAK keeps me motivated to help all of my clients past and present.
O. Aquil
| TRAK Software has helped my clients understand that they can take control of their financial future.
John Davidson
NAIFA President |
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