Fidelity Investments has launched a new Internet web-based planning tool designed specifically to help advisors manage retirement accounts for the thousands of baby boomers facing retirement.
The program, known as the Fidelity Retirement Income Evaluator, is designed to help advisors to build an efficient retirement business model by enabling them to create and manage individual retirement income plans for clients.
"With nearly 8,000 baby boomers turning 60 every day and assets in the hands of those age 60 and older expected to double to $20 trillion over the next five years, retirement income planning is likely the single biggest growth opportunity this generation of advisors will ever see," says David L. Liebrock, executive vice president of Fidelity Investments.
The Retirement Income Evaluator will be offered by Fidelity Investments Institutional Services Co., Fidelity Registered Investment Advisor Group, and National Financial as part of the retirement income planning programs offered by Fidelity and National Financial. It will be available free to the 135,000 Fidelity advisors who have more than $1.2 trillion in assets under management.
The program, which does not include any investment recommendations, allows advisors to enter expenses, income and assets and then plan for expected expenses or changes in any of those categories over time. It then runs a minimum of 250 hypothetical simulations to help plan retirement expenditures and investments. It includes a year-by-year cash-flow analysis and predicts the impact of various potential changes, such as delaying retirement or shifting asset allocations.