How Complete is Your Retirement Planning Process?

RIIA® surveys practicing Retirement Management Analyst® (RMA®) graduates to benchmark, among other features and dimensions, the completeness of the retirement planning process.

RMA graduates report that clients see incomplete advice as something that leads to a perception, if not the reality, of lower quality retirement planning advice.  Their clients seek complete advice and see the Household Balance Sheet View℠ as a good benchmark to measure the completeness of advice.

Finally, they also report while completeness of advice may be the most important dimension in the measurement of the quality of retirement planning advice, there are other dimensions that should be taken into consideration.  We will present and discuss all of these dimensions during the Summer Conference, working extensively with the newest version of the Procedural Prudence Map included in the 2016 RMA Practice Manual.

Of note, their ordered list of features that define  completeness of advice includes:

–  use of the Measures of Fundedness,

– matching assets and liabilities using the Household Balance Sheet and

– providing recommendations using the Retirement Allocations.

During the Summer Conference we will report on the results of the survey at the individual level of service across the Procedural Prudence Map.

The results highlights include:

  • Out of 82 potential levels of service identified by RIIA in the Procedural Prudence Map across all types of client processes and products, RMAs almost always use 24 of them.  At the conference we will contrast these findings with the 6 levels of service that are included in the version of Morningstar’s Gamma that David Blanchett customized for the RMA Curriculum (instead of the 5 levels of service in his original paper).  Interestingly, 3 of these 6 Gamma levels of service are almost always used by RMA graduates.
  • Conversely, 24 other levels of service are almost never used by RMA graduates.
  • The remaining 34 levels of service are used occasionally by RMA graduates depending upon the nature of the client.  The remaining 3 levels of services in Morningstar’s Gamma are found on this list of occasionally used levels of service.

To learn more, join us at the July Summer Conference at Salem State University or register for our September SSU RMA Online Class.

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