Union Bank of California's brokerage subsidiary, UnionBanc Investment Services, has introduced a new assessment service called the Retirement Income Evaluation.
Combined with a personal consultation with a licensed financial advisor, this evaluation provides individuals with an overview of their retirement readiness, including scenarios that show how their savings might fare in different market conditions.
The new evaluation process provides an overview of an individual’s current retirement situation and asset allocation; proposes adjustments to the portfolio and spending patterns; reviews current and potential needs for insurance coverage; and describes how long a portfolio will last in moderate or poor market conditions. If a client’s plan is not on track, the evaluation offers suggestions designed to help meet their goals.
Alan Kizor, senior vice president and manager of retirement solutions for Union Bank and UnionBanc Investment Services, said: Most of us spend a lot of time and energy accumulating wealth, but very little planning how to convert our savings to income that will last a lifetime, or determining if it is sufficient to offset the risks we might face in retirement.
UnionBanc Investment Services’s new evaluation process considers variables like market risk, inflation and healthcare costs so that people can have confidence in their financial situation, or make changes to address a potential income shortfall.