focusing on client's annual retirement income
iRetire by BlackRock
Every year, thousands of people visit a financial advisor to plan for retirement. Unfortunately, most people don’t understand how the decision they’re making with their money today will affect a retirement that may be decades away.
BlackRock’s goal with the iRetire iPad app was to give financial advisors a whole new way to help their clients close the gap between where they stand today and the income they want each year in retirement. Their challenge? Creating a powerful tool to serve the needs of financial advisors, that is also intuitive enough to guide side-by-side retirement conversations with their clients.
Note: Despite the app being available for download on the app store, the iRetire app is open to a particular set of users (advisors and partners) and not the public at large.
“close the gap between where they stand today and the income they want each year in retirement.“
Reframes understanding of retirement income
Most retirement apps and calculators on the market focus on generating a certain amount of savings per period, but they don’t calculate what it will cost to live in the future after retirement. Using BlackRock’s proprietary retirement engine CoRI, the iRetire app can tell clients how much they need to save to make to make their desired yearly retirement income. BlackRock’s iRetire app can adapt to the realities of life in retirement in a way that no other tool can.
Enables advisors to operate as fiduciaries
A standout benefit of the iRetire app is that it qualifies as a FINRA (Financial Industry Regulatory Authority) approved tool for fiduciary purposes, i.e advisors acting in the best interest of investors. That means, per the Department of Labor’s rules regarding the fiduciary responsibilities of financial advisors, this tool can be a legitimate solution for the purpose of offering financial advice.
Simplifies the retirement planning experience
The iRetire iPad app presents simple analogies for saving for retirement and spending in retirement. This balance maintains simplicity while lending credibility to the underlying thought process. By being able to see a plan develop in real time, and seeing how adjustments to a plan will affect it immediately in an easy-to-follow visualization, it takes a lot of the pain and confusion out of planning for retirement.
“We strive to provide our advisors with the resources and tools that enable them to serve their clients and their businesses in ways that are most meaningful to them. iRetire is a valuable platform that our advisors can take advantage of to help their clients be better prepared for a successful retirement.”
- Rob Pettman, LPL executive vice president, Investment and Planning Solutions
features and recognition
- Streamlined inputs – just three easy steps to show clients where they stand today
- Income gap – a graph which dynamically moves as advisors and their clients explore different ways they can help close it (such as saving more, working longer, or investing differently)
- Investment recommendations – explore different ways to help close a retirement income gap
- For investment visualization, the portfolio shows proportions of assets underlying each sample investment portfolio, which are categorized by risk tolerance
- In-depth information – build a portfolio with their retirement income goal in mind
- Simple and interactive visualizations help move clients to action about one of the most important yet complex financial topics
- Compare different investment portfolios across multiple criteria, helping BlackRock to remain transparent about how certain investments perform over time
- Qualifies as a FINRA-approved tool for fiduciary purposes
- Flexible presentation and cutting-edge analytics and insights
- Save or email results for future discussions
- Scale local practices with BlackRock retirement resources
- Easily sign in using Touch ID or secure credentials
- Nominee in the 2016 Mobile Excellence Awards
- Five-star App Store rating
- Nominated in the 2017 Shorty Awards under the Finance App category
- Winner of a 2017 Silver Stevie Award for Financial Services/Banking Mobile Apps
- Nominee in the 2017 Appy Awards