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By 
May 28, 2019 at 03:00 PM
The Alliance for Lifetime Income is now offering financial advisors an advisor-oriented version of its Retirement Income Security Evaluation tool, or RISE Score tool.
The alliance — a group for annuity providers and other organizations with an interest in income planning arrangements — says the tool provides a quick, standardized assessment of how prepared users are for retirement.
(Related: Annuity Group Unveils Retirement Readiness Benchmarking Tool)
The alliance hired Milliman, an actuarial consulting firm, to develop the tool.
The original, consumer version of the tool, which was unveiled in April, uses demographic information and information about a user’s retirement savings, projected retirement expenses and expected sources of retirement income to provide a rough retirement readiness estimate.
The alliance says the advisor version includes extra features aimed at financial professionals, such as a feature that lets an advisor customize a client’s portfolio asset allocations.
