A growing number fund firms are realizing that one of the keys to financial advisor's heart is a killer practice management tool.

Milliman Financial Risk Management is among these firms. The Chicago-risk specialist, which sub-advises $60 billion worth of assets in roughly 50 mutual funds and markets its own five mutual funds under the Even Keel brand, is courting advisors with a tool that helps them calculate sustainable withdrawal rates for the clients.

The system, dubbed Protected Income Predictor, is currently in beta can and can be found on the website https://www.protectedincomeplanner.com/. It helps advisors plan out withdrawals for clients taking into account such factors as longevity, market and inflation risks.

"We are working very hard to develop a fascinating technology to help financial advisors address the retirement security problem with their clients. How are people going to provide for themselves when they are no longer going to work," firm founder and lead Ken Mungan recently told MFWire. "Financial advisors understand this from a conceptual level, but it isn't easy doing the quantitative work that translates into investment decisions."

Mungan said that he and his colleagues are working to develop a second generation of this tool for launch later this year. 

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