Yet, as Randy Cass (Founder and CEO of Nest Wealth) explains, it’s a topic that advisors have traditionally shied away from.
“We researched with advisors how they were approaching decumulation in general,” Cass recollects. “And one of the deficiencies about our industry was that a lot of advisors just weren’t approaching it at all. They were uncomfortable with this stage, they would default to rules of thumb … and a better alternative didn’t exist for them to feel comfortable [with] actually providing advice.”
So – when Cass saw a problem, he and Nest Wealth set about solving it. The result? Wealth at Risk, an innovative new module that utilizes AI to create a software-powered solution.
“The goal of what we’ve done with Wealth at Risk,” Cass explains, “is to make sure that, when it comes time for someone to start spending their assets, they’re doing it with the right advice and in the optimal fashion to either extend their wealth or increase their estate at death. We saw a gap in the marketplace in making sure that they were taken care of during this rather complicated and lengthy process.”
With such a delicate issue at hand, Cass knew that a one-size-fits-all approach to decumulation was out of the question. Which is why, he elaborates, personalization was very much front-of-mind.