The FINANCIAL — Wells Fargo Advisors (WFA), the brokerage unit of Wells Fargo & Company launched the Income Center, an extension of the firm’s proprietary Envision planning process. The Income Center is a suite of applications that provides clients nearing or in retirement, a detailed view of their retirement income and offers them the ability to explore various retirement income solutions with their advisor, according to Wells Fargo.
Generating enough income in retirement is the top issue clients want to discuss with financial advisors. 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,” said Warren Terry, managing director of FA Platform, Wells Fargo Advisors. “The biggest question comes after a client knows they can retire, but may not know where their “retirement paycheck” is going to come from. These tools are critical to helping clients understand how they will achieve their goals throughout their retirement,” Terry added.
The new features, which are intended for clients who have an Envision plan and are nearing retirement age, include:
Income Dashboard – Displays current retirement income situation
Income Strategies – Offers scenarios to add more income to the portfolio
Portfolio Withdrawal – Shows where additional income will come from in the current portfolio if there is a shortfall
According to the recent Wells Fargo/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.
“With increased longevity, today’s pre-retirees need to think about having enough money to facilitate a sound retirement,” said Karen Wimbish, director of Retail Retirement, Wells Fargo.
Wells Fargo Advisors also launched ‘Income Generation’ – a comprehensive program of enhanced tools and training materials – for advisors to work with clients on building a retirement income plan, according to Wells Fargo.
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