Data & Research February 8, 2018

Only One-Third of Boomers Are Confident They Have Adequate Retirement Savings

Among Baby Boomers who think it is important to work with an adviser, nearly 70% said they would purchase an annuity within their individual retirement account (IRA), according to a survey by fixed income annuity provider Annexus.

Reported by

Most Baby Boomers are unsure they have saved enough, fixed income annuity provider Annexus found in a survey. Only 33% are confident they have adequate retirement savings.

Correspondingly, 80% said their No. 1 retirement goal is to have a reliable source of income that they cannot outlive. However, 45% said they do not know how to select a retirement income product.

“We’ve seen a massive shift in the retirement landscape that has forced Baby Boomers to become largely self-reliant in building and protecting their retirement assets,” says Annexus co-founder Don Dady. “Boomers are living longer, and their savings need to fund a retirement that could last 20 to 30 years or more and factor in rising health care costs, taxes and inflation.”

Ron Shuts, the other founder, adds, “Annexus sees a tremendous opportunity for the financial services industry, not only to educate clients, but to ensure that as fiduciaries we understand which products are best suited to address clients’ top concerns.”

The survey also found that of the Boomers who think it is important to work with an adviser, nearly 70% said they would purchase an annuity within their individual retirement account (IRA). They survey also found that among all Americans, not just Boomers, only 45% think it is important or extremely important to work with an adviser, but for those earning $100,000 or more a year, that jumps to 58%, and for those with $500,000 or more in retirement savings, that jumps to nearly 65%.

Seventy-five percent of Boomers believe it is important to have tax advantages in their investments, and nearly as many are concerned about the impact that inflation will have on their retirement.

Products February 8, 2018

Riskalyze, Vestwell Partner on 401(k) Platform

It is an end-to-end solution designed to make is easy for advisers to propose, onboard and serve 401(k) plans.

Reported by

Riskalyze and Vestwell have partnered on a 401(k) plaform called Riskalyze Retirement Solutions.

An end-to-end solution for advisers, it makes it easy for them to propose, onboard and serve 401(k) plans. Advisers can use Risk Number on the platform to ensure that participants’ assets are properly allocated. Riskalyze says it is making the platform available to the advisers it serves at no additional cost.

The platform has the following features:

  • Stats: Riskalyze provides advisers with portfolio metrics, including detailed statistical analysis, sector breakdowns, regional heat maps, diversification analysis and more.
  • Fee Visibility: Advisers can easily model advisory fee schedules into portfolio analysis.
  • Performance Reporting: With one click, advisers can create household performance reports generated by Orion, Black Diamond and FinFolio.
  • Advanced Lead Generation: Advisers can create multiple lead generation links and configure them with client-driven account opening capabilities compatible with TD Ameritrade and Trust Company of America.
“Complexity has been driving advisers away from serving retirement plans for years, but as of today, advisers have a reason to come back to 401(k)s again,” says Aaron Klein, chief executive officer of Riskalyze.

Aaron Shuman, chief executive officer of Vetswell, adds, “Through our joint platform, Riskalyze advisers will be able to create and manage retirement accounts quickly and painlessly, while meeting all compliance needs.”

«