Raymond James has launched a suite of retirement planning resources, including software and concierge services, geared toward longer retirements. These longevity-planning tools were developed to help advisors address the challenges associated with planning for clients with longer retirements. The suite will include new and existing applications.
“With so many factors affecting clients’ financial well-being in retirement, financial advisors are uniquely positioned to be a center point advisor by providing guidance, resources and referrals to help clients address new challenges,” said Frank McAleer, senior vice president of wealth, retirement and portfolio solutions at Raymond James. “Our longevity planning resources allow our advisors to add value beyond investment management, helping clients find ultimate peace of mind as they live longer in retirement.”
The main objectives of the applications include financial planning, wellness planning, risk management and estate planning. The financial planning part of the suite includes applications for goal planning, wealth accumulation, Social Security and income strategy, while the wellness planning objective focuses on housing, health care, caregiving and transportation.
The suite includes a risk management objective that highlights long-term care planning, Medicare and elder financial fraud protection while the estate planning component addresses clients’ transfer of wealth, essential documents and end-of-life wishes.
Raymond James has created a host of resources for advisors to share with their clients. The Raymond James Goal Planning and Monitoring software generates a snapshot of a client’s full financial picture. The software was created in 2012 and considers each client’s goals, investment strategy, risk tolerance, spending and saving rates.
Another tool, Broadspire, was created for planning for retirement housing and health-care costs and plans with individual client preferences in mind. The tool will recommend facilities specializing in specific care needs or strategies for clients who are planning to remain in their home in retirement.
Another service, PinnacleCare, is a concierge health advisory service designed to connect clients with top-ranked medical centers. The tool facilitates appointments and second opinions. The service also helps users find providers with access to the appropriate treatment.
EverSafe is an identity theft protection tool that monitors accounts, credit reports and the Dark Web for fraudulent activity and sends the reports to account holders and authorized relatives or friends.
A tool called HealthPlanOne was designed to help clients compare Medicare options for cost effectiveness while considering whether the selected coverage is appropriate for the client’s needs.
Everplans is a digital platform in which clients can store important information. Documents like end-of-life wishes and wills can be stored on the secure online database and be shared with authorized users.