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Rating:OppFunds Rolls Out Retirement Income Planning Program Not Rated 0.0 Email Routing List Email & Route  Print Print
Wednesday, August 09, 2006

OppFunds Rolls Out Retirement Income Planning Program

by: Armie Margaret Lee

OppenheimerFunds is lending financial advisors a hand in crafting retirement income plans for boomer clients. The New York-based firm has rolled out a bevy of tools aimed at helping advisors create retirement income plans during what it calls the "Transition 10" years.

For the five years preceding retirement or "plan years," Oppenheimer is offering tools to help advisors review their clients' complete portfolios and determine whether changes are necessary. During the first five years in retirement or "can years," advisors can avail of tools that will help evaluate and tweak plans based on the experience of living in retirement.

"Advisors need to help clients envision what their retirement will look like, and secure the income they need to meet their retirement goals," said Kathleen Beichert, senior vice president and director of strategic retirement plans at OppenheimerFunds.

"While often clients say they are comfortable developing and sticking to a budget, one of advisors' biggest challenges is helping them understand that the budget process is complicated and challenging," she added.

Beichert cited a recent study by McKinsey & Co. which found that 75 percent of investors in the 45 to 55 age range will seek the services of an advisor for the first time or change financial advisors to address retirement issues.

OppenheimerFunds is offering materials that support a four-step process it has developed for advisors to help clients. The process includes understanding, analyzing, implementing and monitoring.

"While we've identified the 'Transition 10' years as the most critical in terms of retirement income planning, we understand the process does not begin or end there," Beichert said.  

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