LIMRA and Wealth2k® Partner on Innovative Retirement Income Solutions

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Initiative will deliver asset-gathering platforms that enhance compliance and expand LIMRA members’ sales of insurance and asset management products.

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“We want to enable our members to not only seize the business opportunity of retirement income, we also want to help them establish a durable competitive advantage, one that provides a transformative context for their products, including annuities.”

The Department of Labor’s “Fiduciary Rule” has placed the spotlight on retirement income distribution planning both in term of a critical consumer need as well as an outsized business opportunity.

“LIMRA members have a huge stake in retirement income,” said Kenneth Cochrane, Vice President of Commercial Research at LIMRA. "In partnering with Wealth2k, LIMRA has staked-out a leadership position in this critical market. Our objective is to help our members capitalize on this multi-trillion-dollar opportunity in a manner that institutionalizes the member’s approach to the retirement income market.”

According to Wealth2k CEO, David Macchia, “DOL didn’t arrive in a vacuum. It was published at a moment when fintech was rapidly advancing. Where DOL and fintech merge, commoditization of advice, of products, and of advisors themselves is ignited. Executing properly on retirement income can be a winning strategy for LIMRA members to mitigate the worst effects of commoditization.”

Retirement income is an “expand-the-pie” business opportunity. Financial advisors can consolidate the retirement assets of investors whose needs and priorities transform as they move into retirement. Said Cochrane, “We want to enable our members to not only seize the business opportunity of retirement income, we also want to help them establish a durable competitive advantage, one that provides a transformative context for their products, including annuities.”

Wealth2k’s The Income for Life Model 2017 will be available to LIMRA members in variations that may include co-branded and white label versions. The solution features unique digital education components including HumanRobo™, a consumer-focused, advisor-centric digital platform that delivers compliant education on retirement income planning. HumanRobo helps consumers understand the importance of managing key financial risks in retirement while also providing insights on the utility of various product types in an income strategy.

“In the post-DOL environment, all product recommendations must be secondary to a process that assigns a context and a purpose to each product recommendation. The LIMRA Wealth2k partnership will make it easy for LIMRA members to quickly and easily introduce a process for retirement income that fulfills this need,” said Macchia.

About LIMRA
LIMRA, a worldwide research, consulting and professional development organization, is the trusted source of industry knowledge, helping more than 850 insurance and financial services companies in 64 countries. Visit LIMRA at http://www.limra.com Follow us on Twitter: @LIMRANewsCenter

About Wealth2k
Wealth2k is the leading provider of enterprise retirement income solutions. It’s asset-gathering platforms, including The Income for Life Model, help companies capitalize on the high-stakes business opportunity for retirement income distribution planning. Visit Wealth2k at http://www.wealth2k.com or follow us on Twitter: @W2KINC

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Rachel Fox
Wealth2k, Inc.
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