ATLANTA, May 17, 2012 /PRNewswire/ -- SunTrust Banks, Inc. (NYSE: STI) today announced the SunTrust Retirement Income Navigator™, an innovative process that enables SunTrust Investment Services, Inc. advisors to help clients plan for and maximize retirement income while drawing down assets in a tax-smart, optimized way. Using this process, SunTrust clients may increase retirement income by up to 33 percent versus a tax/investment neutral approach according to a validation study by an independent research group.(1) This new service reflects SunTrust's ongoing commitment to provide industry leading financial services that address the evolving needs of wealth management clients.
For the 80 million Baby Boomers close to retirement and those already retired, one of the biggest challenges is determining how best to turn assets into income. Moreover, investors have often purchased different products at different times and investments held have grown in number and complexity. While most decumulation strategies today rely on products or planning to generate income, the Retirement Income Navigator's three step process – Plan, Invest, Manage – also uses tax-smart technology to provide actionable results rather than general recommendations. Developed in partnership with LifeYield, LLC, the cutting-edge approach allows advisors to scan comprehensively across all accounts to determine a tax-smart, optimal withdrawal sequence and mix of assets for liquidation.
"If investors draw down assets in a predictable and methodical way, they can enjoy better after-tax returns, increased retirement income and, possibly a greater bequest to heirs," said Mark Davis, SunTrust Investment Services, Inc. senior vice president. "Retirement Income Navigator provides tremendous value and precision for our financial planning clients in that their assets are being managed in a tax-smart way to provide a steady income stream."
"SunTrust is at the forefront in providing its clients with premium retirement income services," said Mark W. Hoffman, CEO of LifeYield. "I couldn't be more pleased that such a respected institution chose LifeYield to help them deliver these services to its clients."SunTrust Banks, Inc., headquartered in Atlanta, is one of the nation's largest banking organizations, serving a broad range of consumer, commercial, corporate and institutional clients. As of March 31, 2012, SunTrust had total assets of $178.2 billion and total deposits of $130.0 billion. The Company operates an extensive branch and ATM network throughout the high-growth Southeast and Mid-Atlantic states and a full array of technology-based, 24-hour delivery channels. The Company also serves clients in selected markets nationally. Its primary businesses include deposit, credit, trust and investment services. Through various subsidiaries the Company provides mortgage banking, insurance, brokerage, investment management, equipment leasing and investment banking services. SunTrust's Internet address is suntrust.com. SunTrust Bank and its affiliates and the directors, officers, employees and agents of SunTrust Bank and its affiliates (collectively, "SunTrust") are not permitted to give legal or tax advice. Clients of SunTrust should consult with their legal and tax advisors prior to entering into any financial transaction.
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV