Each month, we shine a light on a CT Tech Council member to share the innovations they are bringing to Connecticut.
Our April Spotlight member is WealthConductor LLC, also known as IncomeConductor, led by CEO Sheryl O’Connor. Sheryl is also the vice-chair at CT Tech Council.
Sheryl has over 25 years of experience across financial services and technology innovation and is a noted speaker and panel member at various industry and association events.
The company’s focus is to effectively enhance financial wellness, education and client engagement in these uncertain economic times.
Sheryl and her firm have been recognized with numerous industry awards, including ThinkAdvisor Luminaries Class of 2021 for Executive Leadership, InvestmentNews' 2021 Icons & Innovators Innovative Firm Award and the 2018 Global Female Founders in FinTech Award.
The Hartford Business Journal included IncomeConductor in this year’s top tech companies in Connecticut.
The following is an interview with Sheryl:
What is IncomeConductor?
IncomeConductor is the flagship platform of WealthConductor LLC, founded in 2017 by a team of financial professionals with over 65 years of combined experience. It is an intuitive software and strategy that allows advisors to create customized written plans (not probabilities of success) that give clients the confidence to retire. The platform breaks income plans into time-segmented milestones which are customizable and typically driven by the client’s changing liabilities. Advisors can easily link and sync client account data from any source in real-time, providing daily plan performance, analytics, business intelligence, one-click client review reportsand insight alerts that help advisors protect their clients’ income throughout retirement.
Who are your competitors and what makes your company different?
Our competitors are other financial planning software providers in the industry that are focused on retirement income planning – IncomeSolver, Wealth2k, RetireUp and Income Discovery to name a few. We do not consider comprehensive financial planning software like eMoney, MoneyGuide or Right Capital to be competitors as they shine in accumulation planning and use out-dated strategies for distribution/income planning. We differentiate ourselves based on two factors: 1) the expertise we bring to the market, having over 65 years of combined experience in retirement income planning and innovation; and, 2) our solutions and constant innovation that address the needs of today’s retirees and pre-retirees.
Tell us your goals and opportunities over the coming year.
Helping individuals earlier in their lives by delivering income planning to them through their retirement plans. We have started this effort in partnership with Marsh & McLennan, a top national retirement plan consultant, who is utilizing IncomeConductor to deliver income planning services to their plan participants.
New DOL rules have put additional restrictions around the industry’s management of individuals’ retirement savings, whether they are rollovers from 401k plans or trustee-to-trustee transfers of individual retirement accounts. IncomeConductor can assist firms and advisors meet the exemptions to these restrictions and justify these rollovers by providing comprehensive retirement planning and management services to individuals that would not be accessible within their retirement plan or a single account investment strategy or product.
What's your biggest challenge this year?
Our biggest challenge is to identify and secure a strategic partner who can help us grow our subscriber base, fund additional innovation, and secure enterprise level agreements. Our founding team has accomplished an amazing amount during the four years we have been out in the market, receiving the highest advisor satisfaction scores in both the 2021 T3 Advisor Survey and Michael Kitces' Report, "The Technology That Independent Financial Advisors Actually Use (And Like)". At this point we need a strategic partner who can help us quickly get to the next level and become the leading retirement income software in the industry.
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