According to an announcement, RetirementWorksII is the first system that provides advice to retirees based on a systematic, integrated analysis of household cash flows rather than on investment analysis or other isolated aspects of the retiree’s situation.
“Our approach is a holistic one: if you can’t answer all of the retiree’s financial questions, then you can’t adequately answer any of them because they are all interrelated,” said company president Chuck Yanikoski, in the release. “Given the stakes, we feel that anything less verges on financial malpractice.”
The software was beta launched in March and has since been used in test cases by dozens of financial advisors, insurance and mutual fund company representatives, and consumers while it was also undergoing rigorous in-house testing by Still River, according to the firm.
For individual financial advisors, the annual licensing fee for RetirementWorksII is $1,500. For large financial institutions, and for employers who want to offer the software as a benefit to their older employees and retirees, the fee depends on the situation.
More information can be obtained by visiting www.StillRiverRetire.com .