Fiserv announced Monday a new Web-based tool called Retirement Illustrator, a interactive retirement income planning tool for its affiliated advisors that uses Monte Carlo simulation to forecast the range of performance outcomes of a retirement portfolio.
In a statement, Cheryl Nash, president of Fiserv’s Investment Services unit, said the Web-based Retirement Illustrator “boasts support for the front-office component of the Fiserv convergence strategy,” which is meant to provide integrated front-to-back-office technology solutions for its clients, which include banks and trust companies, credit unions and many other verticals, and on its UMH-rich wealth management platform. Retirement Illustrator provides advisors with “a powerful way to illustrate real-life scenarios and the impact on an investor’s retirement plan,” Nash said in the statement, “in a simple, easy to understand manner.”
In a January interview with AdvisorOne’s Joyce Hanson soon after Nash was named president of the Fiserv (FISV) unit, Nash said she was “exploring new avenues for providing web-based personal financial management.” In June 2010, Fiserv acquired AdviceAmerica, which offers AdvisorVision, a financial planning tool used by investment advisors and financial planners, and ClientVision, a CRM system for smaller advisor and brokerage firms that includes an end-client planning and retirement tool.
A Fiserv spokesman said the tool was highly configurable. It can be used on an enterprise basis for insurance companies and other large financial institutions, and by individual advisors who can subscribe to Retirement Illustrator through Fiserv’s retail ASP offering.