The pandemic pushed many older Americans out of the workforce and scrambling to determine how to maximize income in retirement. To help advisors quickly match the best solutions to client retirement needs, InsurMark, a leading advisor development organization and insurance distribution company, has made LifeYield’s retirement income technology a key part of the prospecting and advice delivery capabilities of Hubbard, InsurMark’s advisor platform.
“The reality is a lot of people are headed toward retirement with no idea how to get the guaranteed income they need. And we find too many advisors are responding to this incredible need with a pile of spreadsheets,” said Jeff Maxey, executive vice president and general manager of InsurMark. “LifeYield gives our advisor partners a better answer.”
LifeYield’s Social Security+ technology integration with InsurMark’s Hubbard platform enables advisors to show on demand the dollars-and-cents impact of an investor’s Social Security filing strategy, and how a spouse’s circumstances and other factors influence the optimal time for each individual to claim their benefits.
By quickly generating a Social Security filing plan, the advisor brings a prospect’s retirement income into focus and addresses a top need: Franklin Templeton’s Voice of the American Worker survey found that 66% of respondents saw financial health as part of their overall well-being, but only 55% felt in control of their finances.
As LifeYield’s technology reveals the needs and potential income shortfalls of investors, advisors using Hubbard can surface life insurance or annuity solutions for achieving financial independence.
“InsurMark understands that right now, retirees are looking for answers, not products,” said Steve Zuschin, EVP of Technology Adoption at LifeYield. “They want quick, easy-to-understand direction that will make a concrete difference in their lives. We’re proud to play a part in delivering those answers through the Hubbard platform.”
The New School for Social Research’s Retirement Equity Lab found 1.7 million additional older workers left the workforce as a direct result of COVID-19. Serving these retirees represents a major opportunity for advisors and clients alike, said Jack Martin, chief marketing officer of InsurMark.
“No matter how well you prepare for retirement, you can still be impacted by events outside your control, and that is honestly frightening to a lot of us,” Martin said. “LifeYield’s technology lets the advisor show someone how they can take back control and make the right decisions to live independent, meaningful lives.”
To learn more about LifeYield’s integration with InsurMark, visit here.
LifeYield is the wealthtech leader in powering unified managed household (UMH) platforms to help advisors and firms maximize retirement income for clients from accumulation through withdrawal. LifeYield’s dynamic algorithms and comprehensive API library enable advisory firms of all sizes to manage household-level portfolios that coordinate the technology elements necessary to optimize efficiency, and specifically, through long-term tax management, including asset location, gain/loss harvesting, rebalancing, withdrawal sequencing, and Social Security maximization.
LifeYield coordinates and optimizes the levers of cost, risk, tax and Social Security to produce better financial outcomes and quantify the benefits in dollars and cents. LifeYield Social Security+ software helps over 90,000 advisors plan optimal filing strategies as clients near retirement and provides guidance on how to build a comprehensive income stream. For more information, please visit www.lifeyield.com.
Based in Houston for 38 years, InsurMark has helped over 20,000 independent advisors across the country propel their businesses, and reach or exceed their goals. With decades of year-over-year growth, it offers specialized expertise in case design, education and marketing for fixed and fixed-indexed annuity, life insurance, and asset-based long-term care products.