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July 31, 2014updated 04 Apr 2017 2:06pm

Raymond James launches new retirement planning initiative

Raymond James has launched a new retirement planning initiative based upon the longevity research being developed at the MIT AgeLab.

By Verdict Staff

Raymond James announceses the launch of a new retirement planning initiative based upon the longevity research being developed at the MIT AgeLab.

The initiative will be delivered as a series of six actionable campaigns intended to empower Raymond James advisors with innovative resources developed from the collective intellectual capital of the AgeLab, Raymond James and the firm’s partners.

The MIT AgeLab was created in 1999 to meld innovation and technology into new ideas that improve people’s quality of life throughout their expanding lifespan. Based within MIT’s School of Engineering Systems Division, and led by founder Joseph Coughlin, the AgeLab has developed specific insights for financial services companies in evolving their practices in light of the realities of the new longevity.

"Planning for our clients’ longer lifespans cannot end with a basic financial plan and a portfolio strategy," stated Patrick O’Connor, senior vice president of Wealth, Retirement & Portfolio Solutions and one of the leaders of this new initiative.

"Advisors are increasingly looking to collaborate with their clients in navigating their unique life priorities and resulting financial implications, both planned and unexpected. This six part initiative will include strategies to enhance our advisors’ ability to educate clients via their digital presence, multi-media campaigns and client events."

Building upon the success of the firm’s Goal Planning & Monitoring collaborative planning software, the new longevity planning initiative will enhance advisors’ capabilities to guide their clients through the myriad choices to be made before and in retirement regarding important issues such as housing, transportation, healthcare, and caregiving.

In addition, the firm is making enhancements to the Goal Planning & Monitoring software based on advisors’ feedback and AgeLab concepts.

"Raymond James shares Dr. Joe Coughlin’s vision that aging today requires new thinking and that the financial services industry must evolve to better understand the implications of living longer," stated Tash Elwyn, president of Raymond James & Associates Private Client Group, and the initiator of the firm’s collaboration with the AgeLab.

"Over the past year, we have developed a great partnership with Dr. Joe and his team to share their intellectual capital with our associates and advisors. That opportunity was facilitated through Hartford Funds, and we are very grateful for that introduction. Multiple groups of home office associates and successful financial advisors have made trips to the AgeLab to learn firsthand from their research and help develop our approach to applying the concepts to our advisors’ businesses."

As a founding partner of the MIT AgeLab, the Hartford Funds has had access to research findings and used them to create a number of value-added resources to support financial advisors. Hartford Funds content will be highlighted in Raymond James’ six actionable campaigns and their sales teams will provide local support for advisors in implementing aspects of this initiative.

"We are delighted to support Raymond James’ new initiative for their financial advisors, based upon the research from the MIT AgeLab and Dr. Joe Coughlin’s team," stated John Brennan, senior vice president and Head of Relationship Management at Hartford Funds.

"For 15 years we have been committed to sharing these lessons regarding the financial impact on longevity. We look forward to working with Raymond James as they implement this new initiative to enhance the product and service offerings for their advisors and clients."

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