Fiserv, Inc., a $4 billion provider of financial services technology, said it has introduced Retirement Illustrator, an “interactive and collaborative” retirement income planning tool for financial professionals.
Based in Brookfield, Wisconsin, Fiserv has more than 3.6 million accounts on its wealth management platform and over one million UMA sleeves. It now owns AdviceAmerica financial planning technology and CashEdge data aggregation capabilities.
Retirement Illustrator is intended to help advisors present retirement spending requirements and distribution alternatives, accounting for risk events such as withdrawal, longevity, survivor needs and healthcare risks.
“Retirement Illustrator boasts support for the front-office component of the Fiserv convergence strategy. The underlying technology of the solution gives financial professionals a powerful way to illustrate real-life scenarios and the impact on an investor’s retirement plan in a simple, easy to understand manner,” the company said in a release.
The tool enables advisors “to forecast varying market conditions and the impact financial products can have on an investor’s retirement outlook – a powerful sales illustration tool in today’s volatile market. A highly graphical analysis can be generated with clients face-to-face or collaboratively by phone,” the release said.
“An unlimited number of scenarios can be created at the touch of a button, giving advisors a robust and unique way to display side-by-side comparisons of how different product solutions, life expectancies and an array of life choices can affect retirement income,” the release continued.
“Retirement Illustrator uses Monte Carlo technology to offer simulations of retirement plans in favorable and unfavorable market conditions. The solution answers investors’ most important questions, like ‘What If I retire earlier or later?’, ‘What if I allocate less money or more money’ or ‘What If I die before my spouse?,’ all illustrated with intuitive, graphical demonstrations,” said Cheryl Nash, Fiserv’s president of Investment Services.
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