Osaic Enhances Retirement Income Tool for Financial Advisers

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.

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.