Rio (Retirement Income Options)
A retirement planning software solution for financial advisors
Increase case size and close ratio, without wasting time and resources. Prove the unmatched value of an annuity and life insurance in retirement income planning.
Watch this 3 Minute Tour
Easy data collection
A consumer-friendly online fact finder allows prospects to enter the minimum data necessary to present a compelling annuity and life insurance solution.
A fact finder designed for Boomers; no small fonts! Quick, easy entry.
They get more than a simple fact finder. After prospects enter their information, they see their initial situation in a graph, furthering their interest in a solution.
Determine income goals
Research has determined that prospects have greater interest in annuities for their retirement income solution when discussed in the context of essential expenses.
Having the client specify their essential expenses in retirement is crucial to the next steps. All prospects want to be absolutely sure that they’ll always have a roof over their heads, food to eat, medical expenses paid, and clothes to wear no matter how long they live.
Discuss discretionary expenses and legacy wishes once essentials are covered.
Of course, retirement age is a part of their goals, but let’s go to the next step.
Examine gaps and risks
The Rio app uses easy to explain graphs that clearly show where gaps exist between the prospect’s retirement expenses and available income. More importantly, income that is guaranteed to last their lifetime is clearly distinguished from income subject to the whims of the market.
You can drill into any retirement year to examine the details of income and expenses.
Rio considers how taxes in retirement affect Social Security income and the source for distributions when calculations are performed. You won’t be sacrificing sophisticated calculations to get persuasive, client understandable results that won’t waste your time!
Involve prospect in closing the gaps
Once the gaps are visible, you can involve your prospect in trying options for filling them. What would delaying retirement do? What about choosing different dates for starting Social Security? The user interface is so easy that you can let your prospect move the sliders and make adjustments until they exhaust their options with the adjustments they would be willing to make. Or, present the app on a large screen and interactively talk through possible adjustments so they can see the results in real time.
By involving your prospect this way, they become co-creators in the plan. They have ownership in planning decisions, making the sale a natural part of the process.
Prove annuities and life insurance as ultimate solution
Now it’s time to examine the risks of longevity. Use the slider to see their situation if one or both live much longer than expected (enhances the value of an annuity that will be demonstrated later). However, what if one spouse dies much sooner than expected? Because the household income from Social Security is going to drop (sometimes considerably), the survivor’s ability to cover essentials is in danger. What better solution than life insurance?
What if their portfolio returns are less than expected? One option is to demonstrate the popular 4% Safe Withdrawal strategy to give them a 90% probability that the assets will provide income for at least 25 years.
Then it’s time to start moving some assets to annuities. You can transfer assets incrementally and see how essential expenses are covered with guaranteed income they can’t outlive. You’ll often see that even if a prospect has all their essential and discretionary income needs met, an annuity and life insurance can increase their legacy!
Then once they see the results, show them how their situation can improve even more. When the annuity is in place, and they have guaranteed lifetime income they can count on, they can invest remaining assets more aggressively; increasing potential lifetime income and potentially their legacy.
Moving to the annuity and life application is the logical next step. There’s little closing to be done. If you’ve involved the client in the crucial decisions and design, they are already sold!
Rio can show the 4% Safe Withdrawal strategy as one option then demonstrate an annuity instead of, or in conjunction with a safe withdrawal strategy.
With an annuity providing lifetime income to cover essentials, prospects feel more at ease investing their remaining assets more aggressively; increasing potential lifetime income and potentially their legacy.
“For the first time, I can demonstrate the relationship between (a) transferring assets to an annuity, (b) illustrating the lifetime income of the annuity, and (c) how guaranteed annuity income relates to a client’s essential retirement expenses. The real frustrating part of selling annuities, is knowing how this works but not being able to effectively communicate this to a client. Rio does it!James Sanderson
A Rio subscription can pay for itself from just one additional client
The tools and process included in RIO give you an incredible advantage. There’s never been a more persuasive way to present annuities and overcome resistance. There’s never been a better way to show how life insurance solves a problem in retirement that most advisors seldom think about. And there’s never been a better time to be in the annuity market!
Here’s how the Rio consumer fact finder works
Getting started is simple:
Step 1: YOUR PERSONALIZED URL
You get a unique link to a personalized, highly-secure fact finder site.
The link can be emailed to clients, linked to from a personal website or sent via social media channels. Your personalized URL will have your name in it, like the example shown below for John Advisor. (Click the link to view John Advisor’s sample fact finder site)
Step 2: SEND CLIENTS TO YOUR SITE
Clients interact with the fact finder site, and walk through two simple steps
Providing data necessary to begin planning
Reviewing their progress summary, where they may choose to submit contact info for more information
Step 3: YOU GET A NEW FACT-FINDER LEAD
Once the client submits their information, you’re immediately notified of the new lead.
Your new fact-finder lead will appear on your PlanFacts leads dashboard. From there, you can review the data and start a financial plan. All data collected is automatically shared with all PlanFacts tools, allowing you to quickly and easily create a detailed financial plan for each client based on the information they’ve provided.