Episode Summary
This Broker Link podcast episode provides an insightful discussion about how Medicare brokers can expand their services to provide more holistic financial planning and advice to retiring clients.
Host Gillan interviews Tyler End, CEO and founder of Retirable, an intriguing platform designed to equip brokers with retirement income solutions.
Tyler explains he spent 15 years in financial services, including Northwestern Mutual and PolicyGenius. He recognized a major gap in the quality of financial advice available to middle-income retirees. The majority retire without ever getting professional help creating a financial plan or investment strategy.
To solve this need, Tyler launched Retirable in 2019. Their goal is to partner with Medicare brokers to offer complete health and wealth management.
Here is an overview of Retirable's offerings:
- Personalized Financial Plans: Brokers refer interested retirees for a free consultation with a Retirable CFP advisor. The advisor constructs a comprehensive financial plan to cover all retirement income needs. This gives clients clarity on how much they can safely spend from savings.
- Investment Portfolios: For clients who enroll in ongoing advisory services, Retirable builds customized portfolios from low-cost ETFs tailored to the client's needs. Their innovative bond ladders provide steady retirement income, a strategy typically only available to the wealthy.
- Ongoing Support: Clients get quarterly reviews of their financial plan, adjusted as needed for changing circumstances. Retireable advisors also provide resources like high-interest checking accounts.
- Retention Strategy: Throughout the process, the referring broker remains the key point of contact for Medicare and other insurance needs. Retireable reinforces the broker's position as the trusted insurance advisor.
Retirable aims to serve middle-income retirees with $50k to $1M in savings, a large segment underserved by the financial industry.
For brokers, the platform provides a turnkey solution to address clients' number one worry - having enough retirement income. Brokers earn referral fees while retaining clients for insurance needs. It's a win-win offering clients complete health and wealth guidance.
In summary, integrating financial planning with Medicare services allows brokers to become holistic advisors for both healthcare and financial needs in retirement. Retirable provides the technology and advisors to make this possible. The platform enables brokers to stand out by providing the full support clients want.
Timestamps
(0:00:04) - Broker Link podcast features Tyler End, CEO of Retirable
(0:00:39) - Tyler is the CEO and founder of Retirable, helping seniors retire confidently
(0:01:47) - You worked at Policy Genius creating Retirable products for brokers
(0:03:35) - Retirable helps brokers help their Medicare clients with their biggest retirement concerns
(0:07:31) - Retirement Solutions is focused on helping individuals who have some retirement savings
(0:09:24) - You've been very strategic in partnering with independent brokers
(0:16:26) - How do you get started with the Brokerage Inc.?
