For the five years before retirement, the asset manager will provide tools to help financial advisors review their clients’ portfolios with them and determine what changes may be necessary to get the income they need to retire the way they want, according to a release from Oppenheimer. Once Boomers cross over into the first five years of retirement, advisors can use suggested strategies and tools to help evaluate savings and adjust plan, the release said.
“Advisors need to help clients envision what their retirement will look like and secure the income they need to meet their retirement goals,” Oppenheimer’s Senior Vice President and Director of Strategic Plans Kathleen Beichert said in the release. “While often clients say they are comfortable developing and sticking to a budget, one of advisors’ biggest challenges is helping them understand that the budget process is complicated and challenging,” Beichert added.
Oppenheimer has come up with the following four-step process for financial advisors to help clients with retirement planning advice, which includes:
- Boomer-focused programs as part of its ClientConnect Advisor Education program, which will include client-approved materials, white papers, brochures and workbooks.
- A workbook to help baby boomers define their ideal retirement and help advisors initiate meaningful conversations to figure out their client’s attitudes and expectations surrounding retirement. Advisors can also use the OppenheimerFunds’ free software tool for financial advisors, Retirement Income Manager, which helps forecast a client’s ability to meet retirement goals. The tool also offers investment allocation options and income distribution plans.
- Portfolio Builder, diverse lineup of over 60 mutual funds and a variety of asset allocation products. With this software, advisors can help develop optimal portfolios and execute asset draw-down strategies. The investment management service allows investors and their advisors to create a personalized portfolio of Oppenheimer funds in a single account.
- The company will continue to assist advisors as they regularly review clients’ strategies, and make any changes needed to help ensure clients are taking the necessary steps to meet their retirement income needs.
For more information regarding OppenheimerFunds’ retirement income planning products, financial advisors can log onto www.transition10.com.
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