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 billionand 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.
Services provided by the following affiliates of SunTrust
Banks, Inc.: Banking and trust products and services are
provided by SunTrust Bank. Securities, insurance (including
annuities) and other investment products and services are
offered by SunTrust Investment Services, Inc., an SEC
registered investment adviser and broker-dealer, member
FINRA, SIPC, and a licensed insurance agency.
Investment and Insurance Products are not FDIC or any other
Government Agency Insured; are not bank guaranteed; and may
(1) The independent research study concluded that,
depending on various factors such as the size and
complexity of an individual's retirement accounts, the
technology used by SunTrust Retirement Income Navigator and
powered by LifeYield may increase or extend retirement
income up to 33%. Due to each client's unique portfolio
make-up, income need and other variables, no tool will be
100% accurate, but it can provide a range of probabilities.
Lift numbers show best and worst case scenarios.
Individual lifts will likely be different. LifeYield
initiated this study to conduct independent analyses, which
included a review of the LifeYield ROI methodology and
independent recalculation of results. The research group
was not engaged to recommend or endorse the LifeYield ROI
SOURCE SunTrust Banks, Inc.
Hugh Suhr, SunTrust, +1-404-827-6813; or Beth McKenna,
Cookerly Public Relations, +1-404-816-2037