---
title: Fiduciary Training Retirement Income Style Awareness
description: Research published in 2021 by Murguia and Pfau defines two primary and four secondary factors that identify retiree preferences for retirement income
image: https://www.multnomahgroup.com/hubfs/Fiduciary%20Training%20Program/social_retirement%20income.jpg
---

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# Using Retirement Income Style Awareness® (RISA™) as a Framework to Understand Retirees’ Preferences Toward Retirement Income 

Fiduciary training program level 3

## The latest trend in retirement is to focus on retirement income. Unfortunately, most discussions regarding retirement income focus on a belief that there is a single, best retirement income product that everyone should utilize.

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![L3retirementincome](https://www.multnomahgroup.com/hs-fs/hubfs/Fiduciary%20Training%20Program/L3retirementincome.jpg?width=481&height=361&name=L3retirementincome.jpg)RISA™ provides a framework for retirees to express preferences regarding an appropriate retirement income strategy. It was developed by Professor Wade Pfau and Alex Murguia, CEO of Retirement Researcher. Their research identifies distinct preferences that different investors may have toward retirement, indicating the likelihood that there is no single “best” solution for all retirees. It maps individuals to a specific box on a four-box matrix based on two key elements:

1. Safety First vs. Probability Outlook: Whether the individual prioritizes a safe, guaranteed stream of income or prefers portfolio growth with some variability in cash flows.
2. Optionality vs. Commitment Orientation: Whether the individual seeks a permanent solution for retirement income or wants the flexibility to change strategies over time.

By understanding these preferences as presented in our Level 3 Fiduciary Training, plan sponsors can choose a retirement income strategy that aligns with their participants' style, whether it involves annuities, total return portfolios, or a combination of approaches. 

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