Raymond James, the 4,500-advisor independent broker-dealer, has launched a new tool, the RightBRIDGE Annuity Wizard, to help advisors choose the most appropriate annuities for their clients.
Raymond James Insurance acted as a development partner with CapitalRock and assisted CapitalRock personnel in designing and configuring the RightBRIDGE Annuity Wizard.
The RightBRIDGE Annuity Wizard is a new component of Capital Rock’s RightBRIDGE sales intelligence solution. It gathers key information from clients about their preferences for income, liquidity, time horizon, risk tolerance, expenses, and guarantees, the two companies said in a release.
The calculation engine then filters the company’s inventory of available annuities and living benefit options and chooses those that best meet the client’s objectives. The tool’s “audit text” assists the professional in communicating how the specific annuity and living benefit configuration meets the client’s needs. A “reason text” also describes for the client and future heirs the disciplined approach used to determine the suitability of a product.
Scott Stolz, President of Raymond James Insurance said, “There are numerous products on the market that provide a wealth of product information, but none of them has the capability of analyzing the various living benefits to determine which ones match up best with an individual client’s retirement needs.
“By simply entering some basic client information and answering a handful of very simple questions, our advisors will be presented with a short list of variable annuity living benefits that are likely to best allow their client to meet their retirement goals. Just as importantly, the tool will allow our advisors to clearly document the suitability of their recommendation.”
Raymond James Financial Services, Inc. is a national investment firm that provides financial services to individuals, corporations and municipalities through more than 2,000 offices throughout the United States.
CapitalRock, LLC uses existing data on clients to maximize sales opportunities within a company’s book of business. The firm’s founders began using expert systems in the financial planning and wealth management arena in 1987, and over the years have applied various analytical and rules engines to the areas of online trading, compliance and suitability and wealth management.