While there are a handful of financial planning software firms that help advisors guide the investing of assets gathered during their working years, the same cannot be said of the market for technology that helps them plan the spending down of that wealth in retirement—the decumulation side of the planning equation.
IncomeConductor, a financial planning tool focused on retirement spending and account drawdowns, has been actively marketed to the independent broker/dealer and registered investment advisor industry only since 2018. It is a product of WealthConductor LLC, co-founded in 2017 by CEO Sheryl O’Connor along with partners Phil Lubinski, CFP, and Tom O’Connor to address what they refer to as the “distribution” phase of retirement.
The company launched a new tiered pricing structure for their software-as-a-service Monday, which is now available at two pricing levels.
A new base offering will now cost $50 per month (or $540 if paid on an annual basis) and includes tools and features used for plan creation and analysis. The basic version was created for advisors “who may be new to retirement income distribution and/or time segmentation planning, offering them an opportunity to get started at an introductory cost,” according to the company.
More specifically, the basic version provides advisors full access to IncomeConductor’s plan editor, on-demand video training, monthly roundtable continuing education webinars and personalized client reports.
The premium service will cost $249 per month (or $2,700 if paid on an annual basis) and includes all of the features of the basic version plus one-on-one case consulting, personalized marketing materials, account data integrations, plan tracking dashboard, automated practice and derisking alerts, and one-click client review reports. Advisors also have the ability to white label IncomeConductor to their firm’s retirement income service brand.
“We recognize that not every advisor is ready for the premium version of IncomeConductor, as many of the features are best suited when their clients are actually in retirement, and so we created the basic version for advisors whose clients are five to 10 years away from retirement but need to know if they are on pace to have enough,” said Sheryl O’Connor.