Saturday, May 26 , 2018, 10:56 pm | Fair 58º



Free Online Retirement Service Offers New Business Model

Santa Barbara investment expert Frank Troise recently showcased his new venture, My Free Retirement Report, on CNBC

Prior to going on the air, CNBC journalist Sharon Epperson analyzed her finances using an online service called My Free Retirement Report.

CNBC aired a segment last week about Santa Barbara investment expert Frank Troise’s service for baby boomers looking to retire. When Epperson tried out My Free Retirement Report, she found out she couldn’t retire until she was 90.

“She never had an advisor run the report,” Troise said. “Think about how many people know something is wrong with their finances, but are they going to fork over $3,000 to find out they are screwed? With My Free Retirement Report, they can run the report an infinite number and can choose if they want to talk to a local advisor.”

Troise came up with the idea for My New Financial Advisor, a platform that offers financial resources. Now, people looking to retire can find out their financial needs for free rather than paying thousands of dollars.

“You finally have a lifeline, and can see the hard numbers and where you stand,” Troise said. “It also immediately creates a dialogue with the end user.”

Boomers can access their FINRA-compliant report on any device through the MNFA platform, which provides a nationwide team of financial professionals to support the program. Cloud-based provider of financial planning technology eMoney Advisor manages the technology behind the MNFA platform.

Once participants fill out the questionnaire, a financial professional verifies income, expenses and investments before the report is sent back. Then, the user has the option to follow up with a local adviser, such as AmeriFlex financial consultant Thomas Goodson, that the Santa Barbara-based company RingRevenue routes them to.

“It has the makings of revolutionizing new client engagement in the financial planning industry,” Goodson said.  “It allows me to be more efficient by spending more time with my existing clients. In terms of building new relationships, it helps me to get to the issue more quickly.”

It eliminates client acquisition cost, Troise said. Firms can become members for a monthly fee and pay for each lead My Free Retirement Report provides. But not all advisors were as enthusiastic as Goodson, Troise said.

“One planner called me up (when we were testing) and was furious with me,” he said. “He said, ‘You cannot give away the report, I charge $3,500 and it’s eating away my business.’ I told him that the demand for the report is huge and they do want to talk to an adviser, but they won’t pay for the report.”

That planner joined My Free Retirement Report 12 months later, Troise added.

More than 10,000 boomers will retire each day over the next 18 years, and will change investment returns, he said.

Troise said that 97 percent of those looking to retire haven’t saved enough for their retirement, 58 percent have not analyzed their finances and 33 percent of those who have rely heavily on Social Security.

The demand is there, but the service wouldn’t have been possible without Santa Barbara’s closely-tied network, Troise said.

“When you think about it, there’s a critical mass of affiliate marketing and money in Santa Barbara, and no one figured out a worthy application,” RingRevenue co-founder and COO Rob Duva said. “Now Frank has.”

When a user from anywhere in the nation calls the number on the My Free Retirement Report site, RingRevenue routes the call to a nearby advisor. RingRevenue can give each advisor specific data about where the referrals come from, co-founder and CEO Jason Spievak said. 

“Business models change all the time, and this is one example where technology is being used to profoundly better how baby boomers and advisors come together,” he said.

While Troise recently launched My Free Retirement Report, he will debut similar services for college planning and health care this fall.

In terms of My Free Retirement Report’s impact, Spievak put it quite simply.

“Others will copy him,” he said.

Noozhawk business writer Alex Kacik can be reached at .(JavaScript must be enabled to view this email address). Follow Noozhawk on Twitter: @noozhawk, @NoozhawkNews and @NoozhawkBiz. Connect with Noozhawk on Facebook.

Support Noozhawk Today

You are an important ally in our mission to deliver clear, objective, high-quality professional news reporting for Santa Barbara, Goleta and the rest of Santa Barbara County. Join the Hawks Club today to help keep Noozhawk soaring.

We offer four membership levels: $5 a month, $10 a month, $25 a month or $1 a week. Payments can be made through PayPal below, or click here for information on recurring credit-card payments.

Thank you for your vital support.

Become a Supporter

Enter your email
Select your membership level

Payment Information

You are purchasing:

Payment Method

Pay by Credit Card:

Mastercard, Visa, American Express, Discover

Pay with Apple Pay or Google Pay:

Noozhawk partners with Stripe to provide secure invoicing and payments processing.

  • Ask
  • Vote
  • Investigate
  • Answer

Noozhawk Asks: What’s Your Question?

Welcome to Noozhawk Asks, a new feature in which you ask the questions, you help decide what Noozhawk investigates, and you work with us to find the answers.

Here’s how it works: You share your questions with us in the nearby box. In some cases, we may work with you to find the answers. In others, we may ask you to vote on your top choices to help us narrow the scope. And we’ll be regularly asking you for your feedback on a specific issue or topic.

We also expect to work together with the reader who asked the winning questions to find the answer together. Noozhawk’s objective is to come at questions from a place of curiosity and openness, and we believe a transparent collaboration is the key to achieve it.

The results of our investigation will be published here in this Noozhawk Asks section. Once or twice a month, we plan to do a review of what was asked and answered.

Thanks for asking!

Click Here to Get Started >

Reader Comments

Noozhawk is no longer accepting reader comments on our articles. Click here for the announcement. Readers are instead invited to submit letters to the editor by emailing them to [email protected]. Please provide your full name and community, as well as contact information for verification purposes only.

Daily Noozhawk

Subscribe to Noozhawk's A.M. Report, our free e-Bulletin sent out every day at 4:15 a.m. with Noozhawk's top stories, hand-picked by the editors.

Sign Up Now >

Meet Your Realtor Sponsored by Village Properties

Photo of Elizabeth Wagner
Elizabeth Wagner
"I consider myself to be an up front and honest agent and willing to talk my clients out of purchasing a property that isn’t right for them or won’t meet their needs in a year or two."

Full Profile >