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IFP Plan Advisors Teams With Financial Soundings

The firms have partnered to deliver a new retirement readiness service. 

By PLANADVISER staff editors@strategic-i.com | October 18, 2016

Independent Financial Partners (IFP), a registered investment adviser based in in Tampa, Florida, is providing a new retirement readiness service to the financial professionals in its IFP Plan Advisors division.

Retirement Planning Insights is a tool from Financial Soundings, an Atlanta-based financial technology firm, which delivers a personalized retirement readiness report to all eligible employees in a defined contribution plan.

According to the firms, via the readiness analysis solution all employees receive a printed report at their homes and have access to an online portal, which allows them to “fully understand their level of retirement readiness and what additional steps should be taken to pursue their goals.”

“IFP Plan Advisors has partnered with Financial Soundings as part of our effort to provide all of the tools and services our advisers need to improve their practices in a cost-effective way,” suggests IFP Plan Advisors President Kimberly Shaw Elliott. “We expect plan advisers who adopt Retirement Planning Insights will see an improvement in the health and retention rates of their plans.”

From the participant perspective, employees will receive personalized reports that summarize their current retirement savings, along with an analysis of where they stand on the path to retirement readiness. The review includes specific action steps on their deferral rates and fund level investment advice that can be taken to help participants pursue their retirement goals.

Each participating employer also receives a comprehensive analysis of its plan. Data is parsed by a variety of categories, including age, salary, and probability of the employee achieving their retirement goals, allowing employers to measure the strength of their plans and find areas where their plans could be improved.

For more information, visit www.ifpartners.com.