Fidelity Investments has begun offering a Web-based retirement-planning tool, Fidelity Retirement Income Evaluator, aimed at helping advisors create and manage retirement plans for clients.
The tool is available to advisors who work with Fidelity's three advisor businesses: Fidelity Investments Institutional Services, Fidelity Registered Investment Advisor Group and National Financial.
Fidelity's planning tool lets advisors enter salary information and expenses, and categorize them as essential or discretionary. The tool shows how a plan is affected over time by changes in client spending patterns for retirement. Events such as the sale of a business can also be entered into the plan.
Once an advisor enters the income and expenses, the planning tool can run hypothetical Monte Carlo simulations to produce a retirement plan that shows whether clients will be able to cover their expected retirement expenses. The plan includes a year-by-year cash flow analysis that allows the advisor to explore different scenarios and see the potential impact that delaying retirement or shifting asset allocation may have on the plan.
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