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July 11, 2019

Cetera partners with Allianz and Capital Group on retirement income

American financial advice firm Cetera has teamed up with German insurer Allianz and Capital Group to launch a new tool that will allow retired people to generate a reliable source of income for retirement.

Known as SetIncome, the solution is exclusively available to financial advisers affiliated with Cetera.

Using SetIncome, the advisers can create an optimised retirement income plan with guaranteed fixed annuity and asset management models, with just five clicks of a button.

SetIncome provides a mixture of annuities and traditional asset management strategies in investing, retirement solutions and risk management.

Due lack of a reliable source of retirement income, nearly 70% of Americans feel financially unprepared to live to 100 years and beyond, according to the Allianz Longevity Project.

Allianz member of the board Jacqueline Hunt said: “The launch of SetIncome represents the strength of collaboration not just within the Allianz family – across Allianz Global Investors, Allianz Life, and PIMCO – but also with industry leaders like Cetera and Capital Group.

“These firms have come together to bring leading asset management and annuities solutions within a powerful technology platform to create better retirement outcomes and fill a critical gap in the marketplace, effectively disrupting the retirement income landscape.”

Cetera president Adam Antoniades said: “The boomer generation in the U.S. continues to be largely unprepared for retirement: unrealistic in their expectations, and under-saved; with only 55% having any money saved for retirement at all.”

Antoniades further said that the people who feel most prepared have obtained professional advice and guidance for their overall retirement savings planning.

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