“For decades the industry has been focused on accumulation. But the customer has changed dramatically. People going into retirement now don’t have pensions or savings and are living longer,” said Sheryl O’Connor, co-founder and CEO of Income Conductor. “And with medical expenses and long-term care, decumulation has become more complex.”

Launched in 2018, its technology focuses on the distribution phase of retirement and addresses that complexity by applying a pension mindset to planning, she said.

Income Conductor divides the client’s retirement span into segments; for example, five periods of six years each. Segment duration depends on when client income and spending needs change from period to period. Every year, the assets are subject to different strategies, with the funds earmarked for the soonest period of spend-down managed with the lowest risk and those earmarked for spend-down in later periods being invested more aggressively.

— Deborah Nason