Kidbrooke recently dug deeper into the topic of retirement planning and the role financial analytics can play with it.
The unknown’s fear is a feeling humans deeply relate to, explaining why retirement planning strikes a chord with this sentiment.
While the global pandemic has ended, its ripple effects persist, especially in the financial realm. A recent survey by Deloitte unveiled that global consumer savings have dwindled. There’s now a heightened demand for clarity, advice, and guarantees concerning long-term savings. Moreover, this shift towards digital financial services is palpable, encompassing retirement planning.
However, uncertainties don’t just emanate from large-scale events like pandemics, wars, or climatic upheavals. Crafting a secure retirement plan isn’t straightforward. Historically, retirement planning aligned with employment, entailed in-person meetings with financial experts or used basic digital services that might not suit every individual. Given the longer life spans, a decreasing population in OECD countries, and the rise of freelancing, these traditional methods falter.
This raises the question: How do we customise guidance for all, ensuring optimal retirement plans?
Technology is the game-changer here. By leveraging it, financial institutions can expand their service scope, assuaging client concerns about pensions. Kidbrooke®, for instance, offers a cutting-edge solution with its financial simulation engine, OutRank®. It provides an in-depth portrayal of a client’s financial status and projects it based on the institution’s economic predictions. This allows the crafting of clear, comprehensive retirement strategies.
Such advancements pave the way for tailor-made pension plans, ditching the generic approach.
Imagine having a sneak peek into the future – visualising the fruit of your retirement savings and grasping how present financial decisions shape this future. Powerful simulation tools transform this dream into reality, making nebulous figures concrete future visions.
Picture this: accessing, reviewing, amending, and assessing your savings whenever and however you prefer, be it digitally or in-person, yet experiencing consistent service quality. This embodies what Kidbrooke’s OutRank® achieves. Whether one interacts with a human consultant or explores a digital portal, the advice’s quality remains unaltered.
But, retirement planning transcends mere savings; it involves judicious spending. Advanced financial analytics engines, like OutRank®, educate individuals on judiciously utilising their pensions, ensuring their funds’ longevity and encouraging ongoing investments even after retirement.
Central to this revolution is trust, the essence of what financial firms offer. Hence, our financial analytics tools address retirement-centric factors such as long-term wage predictions, tax consequences, and personal risk assessments. This guarantees not just rapid and expansive advice but also its trustworthiness.
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