Advisors with any substantial experience working with clients will know that managing income and spending in retirement can be a big challenge from both an analytical and behavioral perspective.
For that reason, the “decumulation phase” represents one of the biggest opportunities for financial professionals who want to deliver exceptional value to their clients. With the right set of planning tools and practical knowledge, skilled financial advisors can help clients craft an income plan that allows them to achieve their lifestyle goals while also having peace of mind about what the future may bring.
However, as emphasized during a recent retirement masterclass panel discussion hosted by ThinkAdvisor and the Investments and Wealth Institute, the world of income planning is rapidly evolving. Not only are long-standing market conditions shifting and bringing new pressures to bear on retirees, but new products and services are constantly coming online that promise to help clients craft a sustainable income plan.
Speakers on the panel included Elizabeth Cady, a vice president with EP Wealth Advisors; Mike Kurz, the director of educational programs at the Investments and Wealth Institute; and Tamiko Toland, founder of Toland Consulting LLC.
The trio shared timely information about retirement income trends and best practices, with a focus on how advisors can best communicate with clients about key income-planning concepts and factors that affect decumulation. The experts also examined findings from the latest retirement spending research that is already being used to power income-planning tools across the advisor industry.
See the accompanying slideshow for a review of eight topics addressed by the panel. By studying up on these and other important issues discussed during the webcast, advisors can be sure they are keeping up with one of the fast-evolving parts of the financial planning process.