Better Buckets: Introducing the Sequent Income Model

“Better Buckets” Introducing the Sequent Income Model™

By Joe Elsasser, CFP®with Dan Trumblee

SEQUENTRetirement Outcome Planning & Management

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For Agent/Advisor Use Only—Not For The General Public

Table of Contents

Executive Summary . . . . . . . . . . . . . . . . . . . . . . . . . . . 3

Why Talk About Buckets Now? . . . . . . . . . . . . . . . . . . . . . 5

A Typical Bucket Plan . . . . . . . . . . . . . . . . . . . . . . . . . . 7

Good Concept, Flawed Execution . . . . . . . . . . . . . . . . . . . 9

Introducing the Sequent Income Model™ . . . . . . . . . . . . . . 10

Why Buckets are Better with the Sequent Income Model™ . . . . 13

Using the Sequent Income Software . . . . . . . . . . . . . . . . . . 17

Conclusion . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 20

About the Authors . . . . . . . . . . . . . . . . . . . . . . . . . . . 21

NOTE: Click on any of the chapters to jump directly to that section.

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Sequent [adj.] - Characterized by continuous succession

Executive Summary

There is a shift underway in the financial planning industry. As the Baby Boomers approach retirement

age, efficient weath distribution is replacing aggressive wealth accumulation as the primary focus

among fincancial advisors and their clients. Driving this shift are two main factors: 1) 76 million

Baby Boomers reaching retirement age in the next 10 years; 2) The millions of retirees who suffered

catastrophic losses during the recession. Both of these groups are looking for guidance and, above all,

protection for their nest eggs.

Is your practice prepared to meet the resulting spike in demand for Retirement Income Planning

services? Wealth distribution is, without question, more complex than wealth accumulation. Once a

retiree “turns on” the income stream they are immediately exposed to multiple new layers of risk. It is

no longer enough just to say you’re going to earn x% on your portfolio and withdraw y% for income.

Retirees need an advisor who can help them insure against these additional layers of behavioral risk,

sequence risk, longevity, taxes, inflation, the list goes on.

One Solution: Buckets

The spectrum of services that have sprung up to meet these wealth distribution needs can be called

Retirement Income Planning. One well-known strategy involves providing a steady income stream for

your clients by separating their assets into distinct “Buckets.” If you’ve ever been to a tree farm and

noticed how the growth of the trees is staggered—some of the trees are ready to harvest now, while

the rest are given time to grow to maturity—then you understand the concept behind buckets.

Money allocated in one bucket (or buckets) is set aside for immediate and near-term income. The

remaining assets are placed in a separate bucket and allowed to grow untouched in a stock or fund

portfolio for a predetermined number of years. Separating assets in this way allows an advisor to

accomplish different goals with different dollars and diversify risk in a way that protects the client’s

near-term income, while giving market a chance to do its work over the long term.

That said, the old bucket models have some inherent weaknesses in their design and execution:

» Low Internal Rate of Return » No “smoothing” of withdrawals

» Increasingly Aggressive Over Time » Some Market Timing Required




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For Agent/Advisor Use Only—Not For The General Public For Agent/Advisor Use Only—Not For The General Public

A New Solution: The Sequent Income Model™

In response to the flaws inherent in most bucket models, we have developed a new method of

allocating assets for income called the Sequent Income Model™. Sequent Income™ utilizes a unique

method of asset allocation that allows you to build an income plan that does more than just take

advantage of the best case scenario; it performs well in all possible scenarios, allowing your clients to

capitalize on the “ups” as well as weather the “downs.”

Sequent Income™ uses a combination of insurance products and equities to manage and insure

against a variety of retirement risks and build a more efficient income engine for your clients. And

it’s simple. The Sequent Income™ Software runs all the calculations for you so you can determine in

minutes how to allocate your client’s assets. How does this differ from other bucket plans? It offers

solutions to the problems we outlined above (details on page 13):

» Simplicity and Utility » Increased Rate of Return on Income Stream

» Avoids Market Timing » Maximizes Market Potential

» Regular Rebalancing » “Smoothed” Monthly Income

In subsequent sections of this paper we will break down the mechanics of Sequent Income™, and

introduce a case study showing the concept and software in action to illustrate how and why this is a

Better way to Bucket.

Sequent Income™ Other Plans

Avoids Market Timing Regular Rebalancing Increased Rate of Return Maximizes Market Potential “Smoothed” Monthly Income Simplicity and Utility




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Why Talk About Buckets Now?

The number of investors looking for the type of protection that Sequent IncomeTM offers has grown

dramatically since the recession and continues to grow.

This is due to two movements currently underway in the personal finance industry:

1. The much talked about shift in focus from wealth accumulation to wealth distribution. As

previously mentioned, transforming a retirement portfolio into a stable income stream requires

specialized planning. The old rules you lived by during the accumulation phase no longer apply.

Bucketing has great appeal as a distribution strategy because it offers an organized, systematic process

for getting your client’s retirement savings from a 401k, IRA, stock portfolio, etc. to his wallet in a way

that minimizes taxes and protects against market volatility while leveraging the market as a hedge

against inflation.

2. Shift in investor attitudes toward risk. If you think about how the most popular income strategies

might be arranged on a spectrum of risk, Sequent Income™ targets those consumers who are

comfortable somewhere in the middle. Or, even better, someone who started closer to the more

aggressive side, but has since moved closer to the middle after sustaining losses in the market.

These are the ideal candidates for a bucket plan because they believe in the long-term upside potential

of the market, but at the same time they recognize the threat that volatility poses to short-term

income.

They realize that ups and downs in the market cannot be timed and therefore want to shield their

income from that risk. It is our position that the number of investors who fit this risk profile has

increased since the recession set in last year.




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Figure 1: Spectrum of Retirement Income Strategies

Over the course of the 20-year bull market from 1980 to 1999, a lot of investors and advisors gravitated

toward the more aggressive end of the spectrum in Figure 1. Their systematic withdrawal plans

promised high returns when times were good, but offered no protection when the market went bad.

Two recessions this decade taught a lot of retirees this lesson the hard way. The result has been an

ongoing exodus from the more aggressive side of the spectrum to the relative safety of the middle.

One indicator of this shift in investor attitudes has been fixed annuity sales, which have soared since

the recession hit last year. LIMRA reported a 79 percent increase to close 2008 and a 74 percent jump in

the first quarter of 2009.

Why are consumers gravitating toward annuities? We suspect it is not necessarily for the longevity

protection (i.e. lifetime income) they provide as much as for the stability of income. Buckets are a

fantastic solution for this because they suppress volatility and remove risk as the money gets closer to

the client’s wallet (See Figure 2).

Figure 2: Risk Funnel

Conservative Moderate Aggressive

Low Risk, Low Returns High Risk, High Returns

Interest-only strategies

CD Ladders

Indexed Annuities

Variable Annuities(lifetime income rider)

Systematic withdrawal plan

Bucket 1 Bucket 2 Bucket 3

Guaranteed Rate Fixed w/Upside MarketVolatity decreases the closer money

gets to the client’s “wallet.”

Income






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A Typical Bucket Plan

Before you can understand why Sequent Income™ makes buckets better, it helps to get a sense of how

a typical bucket plan might work now. One popular bucket method divides assets into three distinct

allocations—Bucket 1 generates income; Bucket 2 will generate income after Bucket 1 is depleted; and

Bucket 3 is for long-term growth.

Bucket 1: This is safe money set aside for immediate income, usually for the next 3-7 years. Typical

products used in Bucket 1 are CD Ladders or single-premium immediate annuities (SPIAs).

Bucket 2: This is money waiting to be tapped for income when Bucket 1 runs out. Typical products for

this allocation include deferred annuities, bond funds or a bond portfolio.

Bucket 3: This is your long-term growth allocation, usually placed in an equity portfolio. Bucket 3 is

tapped to replenish Buckets 1 and 2 when they run out after 10-14 years.

Figure 3: The Traditional Bucket Model

Now let’s look at a hypothetical example of a bucket plan assuming…

•$500,000ininvestablefunds

•$25,000ayearinincome

•Bucket2earning5%compoundedannually

•Bucket3earning8%compoundedannually

Figure 4 will show how the assets are allocated in a typical bucket plan, as well has how the buckets are

depleted and refilled over time.

Income

Bucket 1

Immediate Income 3-7 years

Laddered CDs, SPIA

Bucket 2

Income whenBucket 1 runs out

Bond FundsBond Portfolio

Bucket 3

Long-Term GrowthRefills Buckets 1 & 2

Equity portfolio




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Figure 4: Buckets in Action

Year 1

The client buys a SPIA with the funds in Bucket 1. This provides income for the first six years. The

assumption is that Buckets 2 and 3 will be accumulating during this time.

End of Year 6

After6yearsBucket1hasbeenspentdownto$0.Nowtheclienttakesthefundsinbuckettwo,

which,assuming5%returnwouldhavegrowntoabout$167,500,andusesthosefundstopurchasean

immediate annuity for the next 6 years of income (Refilling Bucket 1).

Start of Year 7

Now Bucket 1 has been refilled and Bucket 2 is empty. We’re assuming the market going up 8% a year,

soBucket3hasgrownto$364,981.

End of Year 12

Both income buckets are now exhausted. It is now time to tap the equities portfolio, which hopefully

has grown significantly over time, to refill them. Then the process starts all over again.

Income

Bucket 1

$145,000SPIA

Bucket 2

$125,000Bond Fund

Bucket 3

$230,000Equities

Income

Bucket 1

$0

Bucket 2

$167,500Bond Fund

Bucket 3

$364,981Equities

Income

Bucket 1

$167,500SPIA

Bucket 2

$0

Bucket 3

$364,981Equities

Income

Bucket 1

$0

Bucket 2

$0

Bucket 3

$579,179Equities






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Good Concept, Flawed Execution

We believe that, while sound conceptually, bucket plans have several flaws in their design and

execution.

Increasingly Aggressive Over Time: The further into the traditional bucket plan an investor gets, the

more heavily weighted to stocks the investor becomes. Given the hypothetical scenario above, the

initial weighting is relatively conservative, with 46% of the total portfolio allocated to equities.

By the time the first two buckets have been spent, 12 years into the plan, the investor’s allocation

would have gone from 46% equities to 100% equities. This investor is subject to far greater risk than

his initial allocation would indicate (even though he is now 12 years older). A down market in the final

years of Bucket 2 could destroy the plan.

Some Market Timing Required: Alternatively, an advisor could opportunistically “refill” the first two

buckets. Opportunistically refilling requires some element of market timing, which, as we all know, can

be quite difficult.

Low Internal Rate of Return on Income Stream: Typically, Bucket 1 represents a very low internal

rate of return. Currently it would be difficult to achieve greater than 2.5% for a 5-year CD ladder or

immediate annuity.

No “smoothing” of withdrawals: Many bucket planning systems are unable to provide annual

increases. Instead, these systems carry a level withdrawal for the first several years, then “jump up” to

a higher level for the next several years. If you ask your clients whether they would prefer a smooth,

planned annual increase or level for a few years, then a big jump, level for a few more, then a big jump,

the answer would be pretty clear. Your clients would prefer smoothed withdrawals.




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Introducing the Sequent Income Model™

Sequent Income™ takes the old idea of “Buckets” and optimizes it. Hence the title of the paper:

“Better Buckets.”

Like the plan in the previous section, Sequent Income™ divides assets into three distinct allocations (or

three buckets if you would like to stick with that terminology, but we prefer not to).

1. Income Allocation: These dollars are used solely to generate income for a six-year period. The model

assumes a SPIA, but a similar result could be accomplished by laddering non-callable certificates of

deposit.

2. Bridge Allocation: This is the cornerstone of Sequent Income™. The Bridge Allocation’s central

feature is that it represents a combination of properties of the Income Allocation and the Growth

Allocation. It combines guaranteed principal to prevent losses in a down market, with growth potential

when the market trends upward. By ensuring that dollars are never flowing directly from the market to

the income allocation, it effectively provides the “Bridge” between the significant upside potential and

associated volatility of market investments and the guarantees associated with the Income Allocation.

Withdrawals from the Bridge Allocation also provide a portion of the annual income goal. Then at the

end of the initial six-year period, the balance of this allocation will fund a new Income Allocation. The

model assumes a fixed indexed annuity for this allocation. (For more on why an FIA is essential – see

pg. 14)

3. Growth Allocation: Historically, investing in debt and equity instruments has provided an excellent

long-term hedge against inflation. The managed growth portion of this income plan will conform to

client risk tolerance and investment objectives.






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Figure 5: The Sequent Income Model™

A couple of keys points here:

The Income Allocation is completely liquidated over the initial six-year period•

During the initial six-year period, withdrawals are taken from the Bridge Allocation to supplement •

the income generated from the Income Allocation, boosting the internal rate of return on the total

income received.

At the end of the initial 6-year period, in the worst-case scenario, enough remains in the Bridge •

Allocation to fund the income allocation again. This is extremely important, because it means

money is never moving directly from the market to a product that has no market-linked upside

potential. Because the allocations are refilled every six years, the client is never completely

weighted to stocks.

Now let’s look at a hypothetical illustration of Sequent IncomeTM using the same assumptions as

our previous example with traditional buckets…

•$500,000ininvestablefunds

•$25,000ayearinincome

•BridgeAllocation(Bucket2)earning5%compoundedannually

•GrowthAllocation(Bucket3)earning8%compoundedannually

Income Allocation

Immediate Income for six years

Period-Certain SPIA

Income

Growth Allocation

Replenish Bucket 2

Stock/Fund portfolioBridge Allocation

Supplement Income and Replenish

Income Allocation

Fixed Indexed AnnuityIndexed Annuity




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Figure 6: Sequent Income™ in Action

Year 1

The client’s income for the first six years is generated from the combined payout from the Income

Allocation (SPIA) and the Bridge Allocation (FIA). The Growth Allocation is left alone to grow.

End of Year 6

Attheendofyearsix,theIncomeAllocationisat$0andtheBridgeAllocationhasbeenspentdown

to$136,320.Ofthat,$113,349goestofundtheIncomeAllocationforthenextsix-yearleg.TheGrowth

Allocationhasgrownto$410,387.Ofthat,$151,907isliquidatedtorefilltheBridgeAllocationforthe

next six year period.

Start of Year 7

The cycle starts over again in year seven.

Income Allocation$94,928

SPIA

$25,000Income

Growth Allocation$258,613Equities

Bridge Allocation$146,457

Fixed Indexed Annuity

Income Allocation$0

$28,987Income




Income Allocation$113,349

$29,851Income









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Why Buckets are Better with the Sequent Income Model™

The unique construction of Sequent Income™ gives it several advantages over more traditional bucket

models.

Simplicity and Utility – Sequent Income™ allows you to use simple, easy to understand products

in Buckets 1 and 2—respectively a SPIA and a Fixed Indexed Annuity—and achieve similar principle

protection and better potential internal rate of return than CD and bond ladders seen in other bucket

plans.

Avoids Market Timing – With other systems there is always confusion on when to refill Buckets 1 and

2 and by how much. Do you try to time the market and refill Buckets 1 and 2 when stocks are up? As

much as we as professionals like to believe we are able to use technical and fundamental analysis,

along with good risk management principles to make better decisions than other market participants,

the fact remains that we have all been blindsided at least once in our careers. This system takes the

guesswork out by giving you a structured framework for drawing down and refilling allocations.

Regular Rebalancing – With Sequent Income™, you’re never removing funds directly from the market

and placing them in a purely fixed product. That’s the beauty of the Bridge Allocation. By using a FIA as

the bridge between the market and an immediate annuity, the funds still have some market exposure

and therefore a chance to recover some of the lost value if you liquidate stocks when the market is

down. Further, since no one can tell you with certainty when a bear market is or will be over until well

after the fact, we will have established an insured “floor” under the amount liquidated from the growth

allocation.

Increased Rate of Return on Income Stream – By using a blend of an immediate and indexed annuity

to provide income, Sequent Income™ can achieve a better internal rate of return for your clients on

their “safe” money without substantially increasing risk. As a hypothetical example (rates current at the

time of this writing) we might see an internal rate of return on a six-year period certain SPIA in the 2%

range. At the same time, the fixed rates inside many indexed annuities are in the 3.5%-4% range. If 1/3

of our income is generated via withdrawals from the fixed account of the indexed annuity, we could

have boosted the internal rate of return on that income stream by up to 33%.




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Maximizes Market Potential – For the bucket model to work to its full potential and stretch the client’s

retirement funds for as long as possible, you want to commit the minimum amount possible to the

Income Allocation and the Bridge Allocation while still meeting the client’s income goals. The more

you are able to keep in Bucket 3, the more potential you have for long-term growth.

Sequent Income™ Software that will tell you exactly what the minimum amount is you should allocate

to Buckets 1 and 2 to secure the withdrawal on a guaranteed basis for the first six years and have

enough left in the bridge to fund the income allocation over again for the following six years.

“Smoothed” Monthly Income – The Sequent Income™ Software also allows you to to step up the

client’s income payments gradually over time to keep pace with inflation. The software does all the

calculations for you; all you have to do is input the assumed inflation rate.

Why an Indexed Annuity for the Bridge Allocation?

The Bridge Allocation is really the key to what makes this system work. By forming the “bridge”

between the equity portfolio and annuitized savings, it increases the client’s rate of return, creates a

floor against losses, and still affords the client the opportunity to participate in a portion of market gains.

Some might find the use of a Fixed Indexed Annuity controversial. While it has been documented that

a small percentage of advisors have sold FIAs inappropriately, we would argue the problem lies with a

small minority of unscrupulous producers, not with the products themselves.

High quality FIAs issued by reputable companies provide strong benefits for those who wish to

participate in a portion of market gains but whose risk tolerance makes them uncomfortable with

sustaining losses. Taken further, we see in FIAs several unique strengths that no other savings or

investment vehicle offers:

FIAs offer a portion of the market’s upside potential while protecting principle.1.

FIAs provide a level of guarantee against bond defaults that can’t be achieved with either 2.

individual bonds or bond mutual funds.

FIAs offer partial liquidity with some measure of market gains. It is difficult to overestimate the 3.

value of this, yet critics of FIAs often ignore the free withdrawal provisions of deferred annuities.






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Given all of that, it is difficult to argue that a plain vanilla FIA with a short surrender period—which we

use in the Bridge Allocation—could not be a valuable part of an overall retirement plan. We welcome

your comments on this topic and the opportunity to further make the case for FIAs as a viable tool for

retirement income planning.

We also examined some alternatives for the Bridge Allocation:

Variable Annuities: A variable annuity could work well in the bridge allocation. There are four

requirements for the VA product to use it in this model.

It must have a 6-year surrender schedule (multiple leg lengths will be available in future models)1.

Principal (at least) must be guaranteed in lump sum at the end of the surrender schedule2.

It must offer at least a 10% free partial withdrawal provision3.

Free partial withdrawals must be principal protected, i.e. if the subaccounts are down, the free 4.

partial withdrawal must trigger a dollar-for-dollar reduction against the principal guarantee, not as

a proportional reduction.

Structured Products: Structured products, including structured CDs and Structured Debt instruments

held promise, but Lehman Brother’s default on its structured products portfolio reminds us that the

value of an insurance company in the mix substantially reduces the risk of default that is inherent with

any individual security. Further, the lack of a solid secondary market means questionable liquidity and

imputed interest means these products are not terribly tax efficient. I am certainly open to the future

of structured products as a viable component of the model.




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Figure 7: The Importance of the Bridge Allocation

The following illustration highlights the critical importance of the Bridge Allocation in this plan.

Potential forPartial Market Gains

Exposed toMarket Volatility

Income

IncomeAllocation

BridgeAllocation

GrowthAllocation

Creates a flooragainst losses

GrowthAllocation

IncomeAllocation

Potential For Partial

Recovery

Income

IncomeAllocation

BridgeAllocation

GrowthAllocation

If you are forced to liquidate in a down market, repositioning from the growth allocation to the Bridge Allocation does two things:

Creates a floor against additional losses if the market declines further 1.

Gives those funds the opportunity to at least partially participate in future 2. gains if the market recovers.

BridgeAllocation

Creates a flooragainst losses

GrowthAllocation

Starting Point(Year 1)

Market isdown inyear 6






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Using the Sequent Income Software

The reason more advisors aren’t implementing strategies like this, and the reason similar strategies

aren’t as effective as ours is that it’s not pencil and paper math. Complex calculations are required to

determine the amount of each allocation to optimize the plan.

The questions that come into play are:

How do you know how much to allocate to each bucket? •

Rather, the real question is what is the least you can allocate to the Income and Bridge •

allocations and still achieve the client’s desired income, including adjustments for inflation,

without violating the free withdrawal provision in the annuity?

How do you know when to refill each allocation? •

And, with Sequent Income™, how do you know what blend of withdrawals to take from the •

Income and Bridge allocations to achieve the desired income stream?

The Sequent Income™ Software makes the answers to these questions easy. This proprietary software

will run all the calculations necessary to answer the questions above and build an optimized income plan.




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The following screenshots should give you some idea of what the software can offer. If you want to try

the software for yourself or ask about using Sequent Income™ in your own practice, call 1-877-645-4939.

Figure 8: Input Assumptions

Ittakesjustaminutetoinputyourclient’sassumptions.Figure8showsascenarioassuming$1million

inavailableassetsand$50,000indesiredincometostart.Thecalculatoralsoallowsyoutocustomize

the inflation rate and assumed returns for each allocation.






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Using only that data, the software will show you exactly:

Figure 9: Output for Years 1-6

The beauty of the Sequent IncomeTM Software is its simplicity for the end user. But it is actually built

on complex formulas on the back end that allow you to optimize each allocation by:

Calculating the minimum amount necessary to fund the Income Allocation and the Bridge 1.

Allocation while guaranteeing your clients income needs are met within each period. Remember,

the goal is to keep as much as possible in the Growth Allocation.

Calculating how much to take from the Bridge Allocation to supplement the income stream. In the 2.

aboveexampleweinitiallyplace$292,915inafixedindexedannuity.Withoutthecalculator,how

would you know how much to withdraw from that annuity to supplement the income generated

by the SPIA and still have your target amount (the cost of the SPIA) left over at the end of six years?

1. How much to fund each allocation.

2. The precise blend of withdrawals you should take from the Income and Bridge allocations to achieve the client’s desired annual income.




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Conclusion

Throughout this white paper, much has been said about how Sequent Income™ will benefit your

clients. So we’ll close by talking briefly about what’s in it for you.

The Sequent Income Model™ will help you:

Create a continuous cycle of sales and renewals for your practice. The plan you set in motion will •

need to be updated, rebalanced and revisited over time. This ensures clients for life.

Differentiate yourself from competitors. This concept hasn’t left Omaha until now. •

Establish yourself as a retirement income expert and generate more referrals •

Be a hero the next time the market takes a plunge and your clients’ assets are well-protected in a •

plan designed to minimize the effects of volatility.

And let’s not forget perhaps the most important benefit, which is what this white paper is all about:

Protected clients, clients who don’t lose 40% of their net worth in a bear market, are happy clients.

They’re clients who will stick with you over the long-term and enthusiastically sing your praises to

friends.

Ultimately, as a financial advisor, your fate is inextricably linked to that of your clients. If you can help

them achieve financial success with a retirement income plan that meets their needs, the benefits for

you and your practice extend far beyond commission checks.

If you are interested in utilizing Sequent Income™ in your own practice, the next step is to request a

software user’s agreement by calling 1-877-645-4939.

Also feel free to call if you have questions or comments on the concept, software or retirement

income planning in general. We welcome your thoughts.

If you want to take your comments online and generate some discussion among your peers, feel

free to join the Better Buckets Beta Group on LinkedIn, or visit BetterBuckets.com.




http://www.linkedin.com/groups?home=&gid=2096868&trk=anet_ug_hm




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About the Authors

Joe Elsasser, CFP® has been involved in the insurance and financial services industry since 2001 as both

a producer and a marketer. Since 2006 he has served as the Associate Director of Annuities for Senior

Market Sales, Inc. In late 2008, Joe launched his own financial planning practice to implement many of

the concepts he had been developing in his prior role. A Certified Financial Planner®, Registered Health

Underwriter and licensed Investment Advisor Representative, Joe specializes in helping middle market

retirees maximize resources in support of their financial goals. Currently, Joe’s ongoing responsibilities

with Senior Market Sales include preparing strategies developed for his practice to be used by agents

and advisors affiliated with Senior Market Sales.

Dan Trumblee is an Omaha-based writer who specializes in content for the insurance and financial

industry. The articles and white papers he writes for Senior Market Sales cover a broad spectrum of

topics, including retirement income planning, insurance marketing strategies, Medicare, life insurance,

annuities and long-term care insurance.




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