Products & Services July 16, 2024

Osaic Enhances Retirement Income Tool for Financial Advisers

The wealth management platform augments its income planner for financial advisers currently managing more than $4 billion per year.

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Osaic Inc., a wealth management platform provider, has increased its retirement income offerings by enhancing a tool for its financial adviser clients.

The firm announced Monday it had beefed up its NextPhase retirement income planner for the roughly 600 financial advisers currently using the original version on more than $4 billion in clients’ retirement assets.

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The focus comes as Osaic seeks to meet financial advisers’ growing need for retirement planning and strategies for their clients. The April summary of a survey from the Alliance for Lifetime Income reported that two-thirds of Baby Boomers turning 65 between 2024 and 2030 will not be financially prepared to maintain their pre-retirement lifestyles, with the nonprofit backed by insurance and financial firms calling for more retirement income focus by the financial industry.

Osaic is a portfolio company of Reverence Capital Partners, which was part of a recent agreement to take wealth technology provider Envestnet private through a $4.5 billion purchase.

NextPhase Plus and NextPhase Pro are the names of two newly enhanced offerings, which provides advisers with automatic retirement income plan calculations, Social Security “optimization” strategies and alerts when de-risking may be necessary to protect a portfolio.

NextPhase Pro will also have access to Roth post-tax conversion modeling, requirement minimum distribution projections, tax overlay considerations and personalized health care cost projections, including income-related monthly adjustments for Medicare premiums, according to the announcement.

“The expanded NextPhase offering is reflective of Osaic’s commitment to providing innovative wealth solutions to our network of financial professionals, allowing them to help clients better understand the longevity of their retirement income,” said Kristen Kimmell, Osaic’s executive vice president of business development in a statement.

Osaic has received requests from many financial professionals asking for tax features and Roth conversion analysis, according to a spokesperson, and spent a year and a half searching for “retirement income planning platforms that accommodated the time-segmentation strategy and also had the features that our advisers wanted.”

The offering will be available on a tiered subscription basis costing from $50 to $150 a month. Meanwhile, it offers a retirement income consulting team to support financial advisers with questions and strategy.

Osaic’s network of advisers totals about 11,600.
Deals & People July 15, 2024

TPA-Advocate Group NIPA Names Next Officers

The institute taps five 2024-2025 board officers.

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The National Institute of Pension Administrators has named five retirement industry leaders as officers.

NIPA, founded in 1983, represents the third-party-administrator industry by providing education, training and designations. The group is made up of 800 member organizations and has a total of 14 board members.

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“I look forward to working with the entire board to help our valued members grow their businesses through increased revenue, more efficiencies, world-class education to their employees, best-practice exchanges and deep peer-to-peer relationships,” said Laura J. Rudzinski, executive director of NIPA, in a statement naming the new board officers.

She also thanked outgoing president Shayna Osborne of Osborne & Associates Inc., who will remain on the board as an officer, and outgoing board member Joe Burt, president of Pension Plan Specialists, for 11 years of time on the board. The new officer class includes:

  • Ilene Ferenczy, managing partner of Ferenczy Benefits Law Center, will take over as president of the board of directors. Ferenczy’s work includes advocating to the Department of Labor and IRS on behalf of plan sponsors;
  • Karyn Dzurisin, the TPA retirement plan counselor lead at Capital Group, will be president-elect for 2024-2025. Prior to joining Capital, she was a sales manager at Baden Retirement Plan Services;
  • Osborne, president of Osborne & Associates, will transition to board member as immediate past president. She specializes in profit-sharing, pension, 401(k), cash balance and defined benefit/defined contribution combination plans;
  • Heather Windjue, assistant vice president of third-party administration and customer care for Principal Financial Group, will join as chief financial officer. She has spent her career overseeing and managing service and operations teams for recordkeepers and a TPA firm; and
  • Andy Lovell, vice president of FuturePlan Initiatives at FuturePlan by Ascensus, will serve as an executive member at-large. He has more than 18 years of TPA experience.
Correction: fixes details about the appointments.

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