Osaic is ramping up its ability to support advisors focused on retirement income planning as it introduces key upgrades to one of its successful planning platforms.
The firm announced on Monday that it’s built out its retirement income planning tool, NextPhase, with new and upgraded versions.
Developed in partnership with IncomeConductor, the enhanced tools, named NextPhase Pro and NextPhase Plus, are designed to simplify the creation of personalized retirement income plans through user-friendly input, according to Osaic.
Currently, around 600 advisors utilize the original NextPhase platform, which the firm said facilitates planning for over $4 billion in retirement assets annually.
NextPhase Plus will maintain the original platform’s automatic retirement income calculations while introducing advanced features such as social security optimization and derisking alerts.
Going even further, NextPhase Pro includes all the features of NextPhase and NextPhase Plus, and it adds Roth conversion modeling, required minimum distribution projections, and an advanced tax overlay. That last feature, Osaic said, is an industry first for time-segmented income planning tools.
NextPhase Pro will also personalized healthcare cost projections and calculates income-related monthly adjusted surcharges to Medicare premiums, helping to address retirees’ growing anxiety around healthcare expenses.
"The expanded NextPhase offering is reflective of Osaic's commitment to providing innovative wealth solutions to our network of financial professionals, allowing them to help clients better understand the longevity of their retirement income," Kristen Kimmell, executive vice president, business development at Osaic said in a statement Monday.
"As inflation and high interest rates continue to impact the financial markets, the NextPhase product suite positions financial professionals to help their clients mitigate risk and offer predictability for those entering the retirement stage," Kimmell said.
Both NextPhase Pro and NextPhase Plus will be available to Osaic-affiliated financial professionals on a subscription basis.
Apart from the software, Osaic said its Retirement Income Consulting team will support subscribers by assisting with client case building and analysis, identifying planning opportunities, and providing implementation recommendations.
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