The new Income Center is a suite of digital applications that provides clients nearing or in retirement with a detailed view of their retirement income prospects. The income planning tool suite also offers the ability for investors to explore various retirement income solutions during meetings with their adviser.
WFA says generating enough lifetime income in retirement is the top issue clients want to discuss currently with financial advisers. The Income Center is designed to help clients make purposeful distributions from their portfolios.
“Once you reach retirement age, there is an even greater need to have a deeper understanding of your retirement income plan,” says Warren Terry, managing director of financial advisory platforms for WFA. “The biggest questions come after a client knows they can retire, but may not know where their ‘retirement paycheck’ is going to come from.”
Features of the Income Center, which is intended for clients who have an Envision plan and are nearing retirement age, include an income dashboard that displays a client’s current retirement income situation, as well as strategies that can bring more income to the portfolio. The Income Center also helps investors schedule portfolio withdrawals, showing where additional income may come from in the current portfolio if there is a projected shortfall.
According to the most recent update of the WellsFargo/Gallup Investor and Retirement Optimism Index, nearly half of investors (46%) are worried about outliving their savings, including half of non-retirees and more than a third (35%) of retirees.
In addition to the Income Center, Wells Fargo Advisors also launched the Income Generation solution, a program of enhanced tools and training materials that helps advisers and clients build an individualized retirement income plan.