A news release said that as part of the services, the firm provides a complete portfolio evaluation and a detailed personalized recommendation for a suitable investment strategy along with how much the individual should be saving to meet retirement goals or spending in retirement.
The recommendation is based on discussions that the investor has with a T. Rowe Price advisory counselor and a detailed questionnaire that helps provide insight on the client’s personal financial details such as:
- specifying a desired retirement date
- achieving a high monthly income
- leaving a legacy to heirs
- summarizing investment experience
- indicating risk tolerance
- summarizing one’s current financial situation.
The services also utilize financial modeling technology that incorporates proprietary software to assess how the recommended strategy might perform based on 1,000 hypothetical market scenarios, T. Rowe Price said.
The Advisory Planning Services, which are available for a one-time fee of $250 and include free ongoing reviews to help investors stay on track, are designed to help meet these challenges:
- Saving for Retirement: Shows the amount you need to save and how to invest to attempt to meet your retirement income goal.
- Transitioning into Retirement: Recommends a realistic investment and income withdrawal strategy for the year in which you are planning to retire, that will support your desired lifestyle in retirement and will achieve a high probability that your investment assets last throughout retirement.
- Managing Retirement Income: Evaluates your retirement investment and income withdrawal strategy and recommends the amount you should withdraw from your investments to best sustain your purchasing power throughout retirement without running out of money
- Evaluating Your Portfolio: Provides an investment strategy based on your financial goals and risk tolerance, including a detailed comparison of your current portfolio versus our recommended portfolio, categorized by broad asset and sub-asset classes.
The advisory services are geared toward investors with at least $100,000 in investment assets. The $250 fee is waived for investors with $500,000 or more in assets with T. Rowe Price and is reimbursed for those who transfer at least $100,000 in assets to the firm in connection with the service.
More information on these services is available at www.troweprice.com/advisoryservices or by calling 1-800-844-9424.