Combined with a personal consultation with a licensed financial adviser, the evaluation provides individuals with an overview of their retirement readiness and includes scenarios that show how their savings might fare in different market conditions, the company said in a press release.
The new tool will:
- provide an overview of an individual’s current retirement situation and asset allocation;
- propose adjustments to the individual’s portfolio and spending patterns;
- review current and potential needs for insurance coverage; and
- describe how long a portfolio will last in moderate or poor market conditions.
If a client’s plan is not on track, the evaluation will offer suggestions designed to help meet the individual’s retirement goals, according to the announcement.
According to Alan Kizor, senior vice president and manager of retirement solutions for Union Bank and UnionBanc Investment Services, the new evaluation process “considers variables like market risk, inflation and healthcare costs so that people can have confidence in their financial situation, or make changes to address a potential income shortfall.”
The evaluation is administered by a financial adviser with UnionBanc Investment Services which has a total of 125 advisors who are based in the Investment Centers of Union Bank’s branches in California, Oregon, and Washington. Individuals may schedule an evaluation by calling 1-800-634-1100.
More information about the company is at www.unionbank.com .