I’m sure you spend loads of time figuring out financials for your clients. But, when was the last time you spent the same amount of time on your business? Building a road map for your business is crucial, especially if you own, operate, or work for a small-to-medium-sized RIA. 

For years, I’ve discussed the importance of narrowing your focus and targeting your ideal clients. So I’ll quickly repeat it: If you are trying to capture “everyone,” you are more likely to catch “no one.” You cannot be all things to all people. Still, if you’re committed to focusing on providing retirement income planning advice, the right software partner can make it faster, easier, and more profitable. 

The best way to connect with new clients is by creating a clear retirement income planning roadmap.

Step one? Start with the right software. Let’s look at how you can make retirement income planning better for clients and help grow your business.


A Retiree’s First Question: When Can I Take Social Security? 

I don't have to tell you that it’s often difficult for clients to understand different Social Security scenarios fully. This is especially true if clients don’t know the depth and breadth of their options or they can’t quite digest complex information from a spreadsheet. Using the right software to determine the best timing for Social Security benefits can make all the difference in your client’s ability to understand their options truly.

For instance, take our Social Security Timing® solution. An advisor created this software for other advisors, like you. Not only does it make adding client data easy, but the software also makes understanding outcomes much simpler for retirees. Using their actual information and clear charts and graphs, you can easily show your clients their options regarding Social Security retirement income planning. 

Many clients don’t understand their Social Security options. However, thanks to the right software, they can view reports and see the advantages and disadvantages of different scenarios. If your clients are adamant that taking benefits as soon as possible is the best plan for them, you’ll be able to clearly show them what other timing scenarios would look like. 

Nothing will clarify things more than a direct and concise visual. For example, you can automatically create graphs and charts to demonstrate the four most common alternatives for married couples:

  • Widest split
  • Both at full retirement age
  • Both in January of their full retirement age
  • Both at age 70

The ability to see what’s at stake while viewing alternate Social Security strategies can help your clients make the soundest decisions. Additionally, the right software solution can provide you with a taxable Social Security benefits calculator that plainly and simply shows retirees how much of their benefit is taxable.   

What’s Up Next: More Informed Retirement Income Planning

Now that you’ve shown how valuable you can be to your client, use the information — and scenarios — from their Social Security retirement income planning and move seamlessly into software such as our Income InSight® to help with the rest.

With this type of software, advisors can help clients navigate multiple retirement income streams better. Advisors get the tools they need to improve their clients’ retirement income planning literacy using intuitive reports and visuals. 

The right retirement income planning software provides clients with straightforward information that’s easy to digest, including the following:


Side-by-Side Comparisons

  • This is one of the easiest ways to show clients their options. Simply put them side by side so they can take the time to compare.
  • Using logical charts, we make it easy for advisors to explain and for clients to understand.

Different Future Scenarios

  • Perform a stress test of your client’s financial future, and show them how resilient (or not) it is.
  • Clients can quickly see how their retirement strategy works against:
    • Down markets
    • Social Security benefit cuts
    • Early death
    • Long-term care needs

Multi-Year Tax Map

  • Give clients peace of mind using a clear, multi-year Tax Map to help them determine which account to draw from and when.
  • The multi-year Tax Map can also help identify critical opportunities for converting to a Roth IRA. 


The Right Software for Robust Retirement Income Planning Road Maps

If you’re focusing on growing your business — and who isn’t? — Covisum can be the partner that makes it faster, easier, and more profitable. 

Financial advisors can use Social Security Timing and Income InSight in concert to provide clients with a clear and robust retirement income planning roadmap.

The data is easy to enter or import, and the charts and graphs make it simple for clients to get the most precise information to make the best retirement choices.

The best part? We make getting started easy. Get your free trial now.
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