ING U.S., through its broker/dealer ING Financial Partners, developed a practice management program that can help financial advisers address important lifetime income planning needs with clients who are approaching and entering retirement. The program, which rolled out in early October, is available to more than 1,400 financial advisers in the ING Financial Partners network.
“At the heart of a client’s financial plan—especially one who is on the cusp of retirement—should be a strategy for turning some or all of their nest egg into a steady stream of income that is able to last a lifetime,” said Karl Lindberg, president of ING Financial Partners. “Financial advisers are eager to have the necessary tools and resources at their fingertips to guide clients through this complicated process.”
The practice management program includes pre-approved pre-retiree and retiree seminars, educational materials with action plans, online tools and a structured framework that advisers can follow with their clients. The scripted, 20-minute seminars address relevant topics, including health care, longevity risk, budgeting, lifetime income and financial risks. They are organized into modules that offer flexibility and enable customization for each audience’s needs. For example, if a client is particularly concerned about health care, an adviser can start with the pre-retiree seminar that focuses on Medicare and potential health care costs.
Financial advisers of ING Financial Partners can engage in the retirement income program to help grow their business in today’s changing retirement marketplace. The program also provides a step-by-step resource guide for financial advisers and detailed training sessions, along with tips on how to identify the clients who will benefit from a retirement income conversation.
Retirement income continues to gain attention as more Baby Boomers figure out how to tackle this important part of the overall planning equation. A study by the ING Retirement Research Institute found that 86% of consumers say they need help determining how long their savings will last in retirement.