Edmond Walters, of eMoney fame, told a story: After he sold that company, he said to his wife, “Let’s move south.”
Her response: “And live on what?”
So he went to his investment advisor to find out how much they could live on and hit a brick wall. No software really existed that would help him and his wife visualize what they had for retirement.
So he created it.
In the Apprise Labs founder’s presentation at the Envestnet Advisor Summit in Austin, Texas, Walters highlighted the bells and whistles of his new software, for launch likely in fall, that provides the logistics, forecasts and tools to aid advisors in showing clients exactly where they stand with retirement income — or even current income — and how much they have to save or alter behavior to get to their goal.
The software, which will be white labeled to advisors and accessed through Envestnet’s platform, provides a Lifestyle Studio that uses stacked bar charts to show guaranteed income, additional income, investment income and retirement income. Current or future cash flow events — such as contributions or gifts or selling a home — can be entered.
The bar chart, which includes Envestnet | Tamarac’s real-time investment income data, will adjust automatically as income and expenses do. In addition, a Monte Carlo simulation will provide a look at a client’s progress toward their goal.
A spreadsheet can be accessed if a client wants to see the details.
The product, still in production as the company works out changes with feedback from advisors, also provides a click to its “legacy studio” to see how money is dispersed after a death, whether it’s to children (broken down per child) or charitable donations (to a college, for example) or other factors. This, too, can be changed and calculated automatically, and is a talking point for the advisors, Walters said.
Further, number changes can be spoken, and are kept in script form, Walters explained, which involves client interaction. The program also can be shared with the client to “play with,” although the advisor planning will be saved as the default.
Walters isn’t sure yet about pricing, but estimated they would charge about $100 to $150 per month
“Seventy percent of advisors get fired after a spouse dies,” Walters told the audience. “But advisors who have this tool that provides all the income/expenses won’t.”
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