Osaic, one of the largest independent broker/dealer networks, has released enhanced versions of its NextPhase Pro and NextPhase Plus retirement income planning tools, with the help of IncomeConductor.
The NextPhase platform calculates readable and personalized retirement income plans that are based on simple data collected from end clients by their advisors.
Often referred to as The decumulation or distribution phase planning, determining the best process for any individual or couple to spend assets during retirement is a complex problem that takes into account many factors.
Advisors should perform cash flow analysis, help clients decide when and in what order to claim Social Security, analyze health care costsand decide whether they can afford to leave a legacy for their family, among many other considerations.
According to Osaic, approximately 600 advisors currently use NextPhase Original with their clients, and more than $4 billion in retirement assets are planned through the platform each year.
With the Plus version, advisors have access to more advanced features, including Social Security optimization and risk mitigation alerts for their clients, in addition to automatic retirement income plan calculations on the original platform.
The NextPhase Pro version offers a tax overlay, minimum required distribution projections, Roth conversion modeling, and customized health care cost projections, in addition to features found in NextPhase and NextPhase Plus. It can also calculate income-adjusted monthly allowances for Medicare premiums.
The software has been updated in partnership with software developers IncomeConductor, who spent approximately six months with the Osaic team building customizations for both the advisor-facing technology platform and the various reports created for end clients.
The earliest versions of NextPhase Original were based on the processes and technology IncomeConductor co-founder Phil Lubinski developed in the early 2000s, which used his time-segmented approach to income distribution during retirement.
“The IncomeConductor team spent countless hours training the Osaic Retirement Income Consulting team on the technology,” said Kristen Kimmell, executive vice president of business development at Osaic.
“We are very excited to partner with Osaic, ab/d who has a deep understanding of time segmented strategy, a commitment to the success of their advisors and a vision to capture the lion's share of the revenue market retirement,” Sheryl wrote. O'Connor, CEO of WealthConductor LLC (the company behind IncomeConductor) in an email.
IncomeConductor won a WealthManagement.com Industry Award for Best Retirement Income Technology Provider in 2023.