The Standard Launches Retirement Readiness Consulting Tool for Plan Advisors
26 June 2013 - 7:00AM
Business Wire
Advisors can now use a new retirement plan consulting tool
available from Standard Retirement Services, Inc. (“The Standard”)
to increase the value they deliver to client relationships.
RetireReady Tracker, available with The Standard’s retirement
plans, allows advisors to determine how well a retirement plan is
helping a client’s workforce prepare for retirement.
“Helping employees achieve retirement readiness can have a
significantly positive effect on both employee morale and an
organization’s bottom line,” said Dan Hall, vice president of
retirement plan sales at The Standard. “RetireReady Tracker can
help generate a strategic discussion around plan design, including
appropriate solutions to help improve employee retirement
readiness. Once implemented, the report can help track the progress
of these solutions over time.”
RetireReady Tracker reports enable advisors to consult with
employers about how well their workforce is — or isn’t — saving for
retirement, based on the industry-accepted goal of replacing 75
percent or more of pre-retirement income. A key component of the
report is the plan’s overall RetireReady Score, which estimates the
average level of pre-retirement income that eligible employees are
currently on track to replace in retirement. Data is also broken
out by age and salary ranges.
RetireReady reports can help facilitate implementation of plan
design solutions such as automatic enrollment, automatic escalation
or Mainspring Managed, The Standard’s goal-based savings and
investment plan. Data in the report can also help identify
opportunities for streamlined enrollment processes or targeted
educational efforts. The visual, easy-to-read reports are prepared
internally by The Standard and can be generated annually or by
request.
“RetireReady Tracker provides advisors with a tangible way to
grow the consultative arm of their practice,” Hall said. “It’s the
perfect vehicle to introduce retirement readiness solutions to
clients that will help relieve their administrative burdens, reduce
their fiduciary risk and save them money in the long run.”
About The Standard
The Standard is a leading provider of financial products and
services, including group and individual disability insurance,
group life and accidental death and dismemberment insurance, group
dental and vision insurance, absence management services,
retirement plans products and services, individual annuities and
investment advice. For more information about The Standard, visit
www.standard.com.
The Standard is the marketing name for StanCorp Financial Group,
Inc. and its subsidiaries. StanCorp Equities, Inc., member FINRA,
wholesales a group annuity contract issued by Standard Insurance
Company and a mutual fund trust platform for retirement plans.
Third-party administrative services are provided by Standard
Retirement Services, Inc. Investment advisory services are provided
by StanCorp Investment Advisers, Inc., a registered investment
advisor. StanCorp Equities, Inc., Standard Insurance Company,
Standard Retirement Services, Inc. and StanCorp Investment
Advisers, Inc. are subsidiaries of StanCorp Financial Group, Inc.
and all are Oregon corporations.
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