Certainly a retirement planning calculator does not substitute for a comprehensive retirement plan. Moreover, these tools are not a one-stop-shop that any investor should use in place of retirement planning, as a recent SmartMoney article indicates.

However, these tools do provide brokerage firms a window of opportunity to connect with investors, and open the discussion of retirement savings. The majority of these calculators are easy to use and, more importantly, open to both clients and non-clients. Firms can use this open access to leverage products and services to potential investors as well as strengthen their relationship with current clients.

A key component to bridging the gap between these tools and investors is including actions steps along with the calculator's results (e.g., suggested tips and recommendations). E*TRADE Financial’s Retirement QuickPlan tool, for example, serves as a good model to follow: a few questions, quick results, followed by action steps directing users to product and service offerings at the firm.

Enlarge+

Outside of its primary use, a retirement planning calculator can serve as an indirect marketing tool; allowing firms to use it as platform to drum up their offerings. This year, the first wave of baby boomers is eligible to take their Social Security benefits. This demographic alone gives firms a built-in audience to re-introduce retirement-related topics.