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.