When Your Clients Ask, 'Can I Afford to Retire?'

  • Originally published June 6, 2018 , last updated June 21, 2018
  • financial planning, Annuity, life, Income ArchiTech
When Your Clients Ask, 'Can I Afford to Retire?'

When Your Clients Ask, ‘Can I Afford to Retire?’

For most people facing retirement, the big looming question is, “Can I afford to retire?”

If they turn to you, are you able to help them figure it out and prepare for the future?

Imagine typing some client information into software and being able to paint a picture of what their retirement could look like — the income needs, the potential market events that could hurt their retirement savings, and other risks. Imagine helping them answer the when-can-I-retire question. More importantly, you can help them find ways to mitigate the risks that the big-picture view is likely to uncover. You’ve just helped them breathe a sigh of relief or take action to achieve the retirement they want.


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A Tool to Help Answer the Question

Income ArchiTech™ is a Senior Market Sales® (SMS) planning tool that makes it easy for any type of retirement planning professional to help clients see their retirement income needs. While countless online tools are available for consumers to calculate when they can retire, they won’t give an accurate picture of all the risks or they don’t connect clients to solutions that might be in their best interest. Plus, if the client is asking you, they already value your advice and are hoping you can help them. Failing to meet clients' expectations means you could lose their business to another retirement planning professional or leave them to their own devices — like online calculators that won’t provide an accurate big picture.

Income ArchiTech creates the biggest big-picture available by stress testing multiple scenarios to quickly and easily show the impact on the client’s plan, and it positions you to help the client. Whatever their worry in retirement, you can show them how it could impact their finances, using the tool’s easy-to-understand charts and graphics.

Show Sequence of Returns Risk

You can run various risk scenarios, such as how retiring in a bear market could cause losses to their retirement savings. This allows you to discuss with your client how negative portfolio returns early in retirement can have a more destructive impact on a portfolio than negative returns in the later part of retirement.   

Income ArchiTech and SMS’ expansive portfolio of products, along with its team of insurance experts, then position you to connect the client with the solution for their specific circumstance. When you suggest different solutions, the tool calculates and shows how those will impact their retirement income — whether the solution is life insurance, long-term care insurance, annuities or a combination.

Don’t Just Show the Gaps — Fill Them

But what if the solution is a product you’re not contracted to sell or with a carrier you’re not contracted with? SMS can help.

For example, if you only work with Medicare clients, you likely hear them worry about paying for health care in retirement. Offer to do an online analysis using Income ArchiTech. If you spot areas where the client’s income may run out and their top concern is having money for a retirement facility, choose from the tool’s available solutions and run scenarios to see how each performs and how it impacts the client’s retirement income. If long-term care insurance, for example, appears to fill the income need for a retirement facility but you’re not contracted, reach out to an SMS marketing consultant, and we’ll help you get contracted. Or, if you’re unsure about which products to test in Income ArchiTech in a certain scenario, call an SMS marketing consultant.

Support Beyond the Tool

If you want to explore cross-selling other solutions that Income ArchiTech might suggest, SMS also has the resources to help you at any stage. For example, clients asking if they can afford to retire often turn to annuities. But if you don’t offer annuities, cross-selling these can be intimidating. To learn the basics, download “Introduction to Annuities: A Starting Point for Success.” If you want to keep learning more, there’s also the “Annuity Planning Kit,” which shows how annuities can solve your clients’ retirement challenges, and finally, the “Annuity Sales Kit,” which gives you conversation starters and power phrases that make annuity sales simple.   

Or say you’ve dabbled in annuities before but need to get up-to-speed on the latest advances. The SMS white paper, “The New World of Fixed Indexed Annuities,” explains how new product innovations are leading even once-skeptical advisors to acknowledge that fixed indexed annuities can be the right safe-money alternative for some clients.

Income ArchiTech is a powerful tool to help clients answer their biggest concerns about retirement, including whether they’ll have enough to retire. Helping them answer these questions by using Income ArchiTech builds a stronger relationship with them, secures your business with them and opens opportunities for you to grow your business.

Watch a Demo

See this powerful tool in action. Watch the demo.

If you would like to discuss how you can start using Income ArchiTech, call an SMS marketing consultant at 1.800.786.5566