What You Need to Know
- Michael Finke is a wealth management professor at The American College of Financial Services.
- Protective is a life and annuity issuer with $132 billion in assets.
- One program goal is to support a holistic approach to income planning.
A life insurer is working with Michael Finke — a financial services researcher and ThinkAdvisor contributor — to create a goals-based income planning program.
The insurer, Protective, said the program will provide strategies financial professionals can use to analyze clients’ income needs and risks and to come up with strategies to meet clients’ retirement and estate planning goals.
James Wagner, chief distribution officer for Protective’s retirement division, said in the program announcement that the company hopes to tailor income strategies to meet clients’ needs based on a holistic view of how the clients want to live in retirement.
In some cases, Finke noted, those strategies could include annuities.
What It Means
Financial services companies are racing to give life insurance agents the big-picture analysis skills they need to operate under the Securities and Exchange Commission’s Regulation Best Interest, and to give clients the advice and services they need to live comfortably after they retire.
“Income planning is a crucial part of retirement planning,” Finke said.