Our ‘Powered by’ solution is designed to quickly enable the following types of entities to offer lifetime income plans to their clients/members:
- Banks & Credit Unions
- Federal or State Chartered Trusts
- Churches & related Organistions
- Unions
- Charities
Our ‘Powered by’ solution is designed to quickly enable the following types of entities to offer lifetime income plans to their clients/members:
Our tontine platform integrates to your existing backend to enable your clients/members to open Lifetime Income Tontine Trusts through our mobile & web applications.
Depending on your preferred configuration, your clients/members cash and investments can continue to be held at and managed by your institution for an average duration of 30 years or you can simply delegate these fiduciary responsibilitiesFiduciary duty is the legal obligation where a person (the fiduciary) must act in the best interests of another person or group (the beneficiary/client), putting those interests ahead of their own and avoiding any conflict of interest.
For example, in a trust, the trustee has the fiduciary duty to act in the best interests of the beneficiaries of the trust, whereas in an insurance company, the officers of the insurer have a fiduciary duty to act in the best interest of the insurers shareholders rather than in the best interest of their policyholders/clients. to the Tontine Trustees.
On a nightly basis our RoboActuary monitors investment returns, interest rates and mortality rates to provide real time forecasts of future incomes for each client/member.
After running all of the payout calculations, our system will connect to the banking partner to initiate the monthly payout from the member’s Tontine account to their regular bank account and, where applicable, with any tax withheld automatically being relayed to the authorities.
Instead of entering into networking arrangements whereby the banks lose deposits in return for a share of an annuity commission, banks can now: