American financial advice firm Cetera has teamed up with German insurer Allianz and Capital Group to launch a new tool that will allow retired people to generate a reliable source of income for retirement.
Known as SetIncome, the solution is exclusively available to financial advisers affiliated with Cetera.
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Using SetIncome, the advisers can create an optimised retirement income plan with guaranteed fixed annuity and asset management models, with just five clicks of a button.
SetIncome provides a mixture of annuities and traditional asset management strategies in investing, retirement solutions and risk management.
Due lack of a reliable source of retirement income, nearly 70% of Americans feel financially unprepared to live to 100 years and beyond, according to the Allianz Longevity Project.
Allianz member of the board Jacqueline Hunt said: “The launch of SetIncome represents the strength of collaboration not just within the Allianz family – across Allianz Global Investors, Allianz Life, and PIMCO – but also with industry leaders like Cetera and Capital Group.
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By GlobalData“These firms have come together to bring leading asset management and annuities solutions within a powerful technology platform to create better retirement outcomes and fill a critical gap in the marketplace, effectively disrupting the retirement income landscape.”
Cetera president Adam Antoniades said: “The boomer generation in the U.S. continues to be largely unprepared for retirement: unrealistic in their expectations, and under-saved; with only 55% having any money saved for retirement at all.”
Antoniades further said that the people who feel most prepared have obtained professional advice and guidance for their overall retirement savings planning.
