The tools use financial planning concepts and calculators from SunGard’s WealthStation wealth management platform. SunGard said the tools give advisers a cost-effective way to offer tools that will help their clients become more informed and engaged in the management of their wealth.
MyWealthServices can be purchased as a pay-as-you-go feature, rather than requiring advisers to use the WealthStation platform. The new offering is available as a Software-as-a-Service offering via SunGard’s Infinity storefront, which is a new initiative allowing financial institutions to integrate SunGard components with their own proprietary or third-party components.
SunGard said the new tools can help advisers stand out to investors, who are more sophisticated than in years past, are more comfortable with technology, and demand more insight and transparency into the investment process. Furthermore, investors seek more guidance and service levels from advisers.
“Service is a key differentiator for advisers, and by placing technology at the center of the investor experience, advisers stand to regain investor trust and ultimately grow their businesses,” said Blaine Maxfield, chief operating officer of SunGard’s wealth management business, in a news release. “SunGard’s MyWealthSeries tools give investors the ability to actively participate in the financial planning process and collaborate with their advisers.”
According to the company, MyWealthSeries helps firms provide investors with calculation tools based on four main financial planning concepts: education, retirement, survivorship, and asset allocation. Education projects future higher education funding needs based on current resources and calculates savings needed to fund the goal. Retirement projects retirement funding needs based on current resources, including Social Security, and calculates monthly savings needed to fully fund the retirement goal. Survivorship projects available income and determines if survivors are likely to experience a financial shortfall, and Asset Allocation calculates recommended asset allocation by analyzing current risk tolerance.
After entering their information in one of the available planning tools, clients can test, review, and learn more about how their financial information and assumptions affects funding their goals, using “what if” scenarios.
MyWealthSeries pages can be opened in a secondary window or framed within the adviser’s own Web site to carry through the firm’s branding, according to SunGard.