The IRA Selection Tool walks users through the input process to determine which IRA is appropriate, considering factors such as age, tax filing status and estimated income. The Web-based tool can be used via smartphone or tablet. The tool can be used by IRA providers and recordkeepers who want to engage investors and plan participants in the planning process and help them evaluate IRA and rollover options.
The tool calculates maximum contribution levels for primary account holders and their spouses, and contains “Did You Know?” tips to deliver content at key decision points when it is most relevant to users.
“When it comes down to choosing between a traditional or Roth IRA, most people could use some help,” said Kazi Ariff, director of retirement planning solutions at Wealth Management Systems. Ariff pointed out that the tool addresses the needs of several types of users: IRA providers can use it to improve IRA conversion rates and to expand adviser services; recordkeepers can use the tool to address participants’ need for education during the distribution and rollover process.
Wealth Management Systems Inc., based in New York, is a provider of technology-based rollover services.
More information about the IRA Selection Tool is at the company’s website.