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RetireUp, maker of a web-based platform that advisors can use to demonstrate retirement planning scenarios in real time, announced this week that its platform can now illustrate fixed index annuities (FIAs) from Allianz Life Insurance Company of North America and Great American Life.
Advisors and producers can use RetireUp to incorporate the Allianz 222 and Allianz Core Income 7, as well as Great American’s American Legend III FIA with the IncomeSecure rider, in RetireUp’s Retirement Income Models.
The centerpiece of the RetireUp platform is its “Retirement Income Story,” which allows advisors to provide clients and prospects with real-time, web-mediated visual presentations of retirement income strategies that include Social Security, pensions and specific annuity contracts.
“No other planning software can take a product from an Allianz Life or a Great American Life and show the client how it will work in their personal retirement plan in real time. We designed it all around the client meeting,” RetireUp CEO Dan Santner told RIJ in a phone interview. “Usually if a client brings up something new in a meeting, you have to go back to the home office to see how it will affect the annuities in the plan. With this, you just tap a button.”
RetireUp is used by registered reps at broker-dealers, by producers associated with insurance marketing organizations, by independent financial advisors and by RIAs. The flat subscription fee ($99/month or $999/year) includes unlimited support from RetireUp coaches. Advisors who already use planning software like eMoneyAdvisor or MoneyGuidePro can use RetireUp to interface with clients.
“Our software is used for prospecting as well as client meetings. You can create a robust plan right in the first meeting, using a feature called ‘Solve It.’ Or you can gather information before the meeting,” said Michael Roth, partner and executive vice president for business development at the software firm. RetireUp was founded in 2014 and is based in Mundelein, Illinois, a northern suburb of Chicago.
The ability to run hypotheticals with specific products is a key feature of the software. In cooperation with annuity issuers, RetireUp duplicates the pricing mechanics of a given annuity product within its own system so that it can instantly generate new quotes as the client or advisor introduces new variables. “We do exactly on our side what the carrier does on the actuarial side,” Roth said.
The service is positioned as a way for traditional intermediaries to create the kind of direct web-mediated interfaces with prospects and clients that robo-advisors offer, but with the addition of personal guidance from a human advisor.
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