BROOKFIELD, Wis.–Fiserv said new tools and an enhanced user interface incorporated into its Financial Advice Management solution will now enable financial advisors to better assist clients with retirement income planning and risk mitigation through the use of annuities, life, and long-term care insurance.
The Financial Advice Management solution is a suite of interactive, goals-based and comprehensive financial planning technologies, give advisors a powerful way to help clients reach their retirement goals through retirement income and insurance planning, the company said.
According to Fiserv, the enhancements optimize goals-based advice as a competitive differentiator for advisors and include the ability for them to:
- Create multiple “what-if?” scenarios and illustrate the impact of plan variants and decisions in real time with clients
- Simulate how long-term care insurance, life insurance, fixed and/or variable annuities and other products can improve a client’s financial outlook and protect against risk
- Utilize a framework and strategy to help clients transition from asset accumulation to retirement income
“Retirement income planning represents a significant opportunity for advisors as many investors do not feel confident about their retirement strategy, or if they are protected against risks such as long-term disability,” Fiserv said.
It added its “Expectations & Experiences: Borrowing and Wealth Management” consumer trends survey found that less than half of U.S. consumers (41%) feel informed when it comes to saving for retirement, and only 35% feel optimistic.
Other findings from this survey include:
- Six in 10 savers rate their [retirement savings] confidence at 7 out of 10, or lower
- 38 percent of these savers rate their confidence at 5 or below
- Millennials (18-37) are nearly 20 percent more likely to feel uninformed about saving for retirement compared to older groups
“Advisors’ ability to offer goals-based advice to clients on how to mitigate retirement risk through modeling various ‘what-if’ scenarios offers tremendous value to the practice of financial planning,” said Cheryl Nash, president, Investment Services, Fiserv. “Through real-time collaboration with clients, advisors will be able to compare and contrast life scenarios side-by-side to identify and illustrate the best solution in the context of a client’s life goals and objectives, helping them create a holistic financial picture and plan.”
Fiserv said its Financial Advice Management includes financial planning, proposal generation and retirement cash flow and income analysis solutions designed to automate advisor workflow. Each solution is built to optimize the advisor experience and is highly modular and configurable. This suite of planning tools and capabilities is available through APIs, allowing financial service providers to control the user experience, the company added.