Brightscope and Google Sell Data

Brightscope, a popular financial information company that rates 401(k) plans, has something in common with Google – they both know the value of data that the rest of us are all too willing to give away without a thought.

As a 401(k) adviser, I am always looking at different tools available to help plan sponsors benchmark and compare their plan costs.

Enter Brightscope: In my first conversation with Brightscope, I learned that I could pay Brightscope a fee, give them real-time data on a 401(k) plan (that is not publicly available on Form 5500,) and Brightscope will provide interesting cost benchmarking and other ratings for the Plan Sponsor and myself.

In my second conversation with the folks at Brightscope, we talked about my firm buying prospecting information from them to help build my 401(k) advisory business.

In conclusion: 

• I pay a fee and then give Brightscope valuable 401(k) data.
• Brightscope provides me and the Plan Sponsor with useful feedback & benchmarking.
• Brightscope turns around and sells the data we provided them to other people.

Your data is valuable and you should be aware of how others use it.