Alex Murguia, PhD

I’ve taken the Retirement Income Style Awareness™ Profile. What’s next?

Over the course of the past two entries, we documented user reactions to the RISA™ Profile and if they felt their retirement income style was accurately described. We were very pleased with our results, especially for an initial release. We also included other questions in our follow up survey.

One question asks: “Is there a specific follow up offer we could provide in the next steps section that complements the RISA™ results?”

After reviewing your answers, we were able to categorize them into five groups:

  • Brief meeting to review your RISA™ results
  • Funded Ratio Analysis
  • Full Financial Plan
  • Educational tracts according to your retirement income style
  • Specific Product recommendations

Most of you requested a brief review meeting with an advisor. For example, some responses indicated the following:

  • I liked the idea of an hour with someone to just go over the results and answer questions that may have come up.
  • I think the offer to contact you for a consultation with an advisor is the right step…
  • Maybe an hour conversation with an expert…
  • Speaking with financial counselor to explain results…

Many also requested more educational information about our recommendations based on your RISA™ Profile.

  • Video explaining, in general, the results, concepts, and terms. Maybe have one for each “style” as well.
  • A simplified summary of how all the offers mesh together, and the sequential order of execution, would be beneficial.

The Funded Ratio Analysis and financial plan were also two follow ups that many wanted after receiving their RISA™ Profile.

  • Definitely, the funded ratio offering made a lot of sense to me.  However, it was attractive to me since I felt the survey captured my current thinking rather than just an investment “style.”  It made me curious about what over advice I might get over what I have already started.
  • … Package a financial plan for the user based on the style indicated in the RISA™ …

Lastly, close to 20% of our respondents requested specific product recommendations that match their RISA™ style.

  • More specific recommendations – companies for the annuities, methods of choosing stocks or funds, specific mentions …
  • Specific examples of products that would be helpful in implementing plan — fund sites, annuity sites, etc.

We agree with your suggestions for next steps and have included all but one into our recommendation set. We will further assess the request for specific product recommendations on an ongoing basis. In addition, this request could also be bundled into a more thorough financial plan.

Next, read I have taken the Retirement Income Style Awareness™ Profile. Is it helpful to use this with a financial professional?

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