Cetera partners with Allianz and Capital Group for retirement tool in US
American financial advice firm Cetera has teamed up with German insurer Allianz and Capital Group to launch a new tool that will allow retired people to generate a reliable source of income for retirement.
The tool, SetIncome, is exclusively for Cetera advisers. With just five basic inputs from a client — name, age, total income goal, initial investment and risk tolerance — SetIncome will generate a basic retirement income plan that combines guaranteed fixed annuities and traditional asset management models.
"The boomer generation in the US continues to be largely unprepared for retirement: unrealistic in their expectations, and under-saved, with only 55% having any money saved for retirement at all," Cetera President Adam Antoniades said in a statement.
The boomer generation in the US continues to be largely unprepared for retirement: unrealistic in their expectations, and under-saved, with only 55% having any money saved for retirement at all"
"Those that feel most prepared have received professional advice and guidance and have included annuities in their overall retirement plan," he explained.
Due lack of a reliable source of retirement income, nearly 70% of Americans feel financially unprepared to live to 100 years and beyond, according to the Allianz Longevity Project.
Allianz member of the board Jacqueline Hunt said: "The launch of SetIncome represents the strength of collaboration not just within the Allianz family - across Allianz Global Investors, Allianz Life, and PIMCO - but also with industry leaders like Cetera and Capital Group.
In March, Cetera launched the AdvicePay payment processing service, allowing clients to pay for fee-for-service advice in a more streamlined and automated way.
AdvicePay lets Cetera advisers accept credit and debit cards, as well as automated clearing house payments, for financial advice without first having to set up investment accounts for clients.
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