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7IM launches retirement planning service targeting income provision at life stages

18 February 2018

Seven Investment Management (7IM) has launched a retirement planning service for adviser firms, designed to help with clients at or near retirement. 

The 7IM Retirement Planning Service accommodates different ‘pots’ for different financial priorities and risk profiles, aimed at helping advisers deliver the income their clients need throughout various life stages.

Advisers have a choice how they use the service, depending on their business model. The three options are the 7IM Discretionary Service, the 7IM Managed Investment Service and the 7IM Platform.

Verona Smith, head of Platform, 7IM (pictured), said the advent of greater pensions flexibility means clients need supporting far beyond their retirement date.

She said: “That creates an opportunity for advisers, but also puts a lot of pressure on them, because clients risk not achieving the retirement lifestyle they have envisioned during their working years.

“There are plenty of firms out there offering to deliver the investment management element, but with this service we’ve tried to provide a complete package of support that’s available to the adviser at every stage of the process. The ultimate outcome is that it should make it easier for an adviser to take on more clients while still giving each of them outstanding service.”

Adviser firms can use the service as much or as little as they like and it comes with no additional charges beyond the normal platform and investment management fees.

Smith added: “Once they’ve got the right plan in place, advisers need investments that meet their clients’ long term return expectations. As part of the service, our relationship managers will sit down with the adviser and draw up an investment recommendation to help match client assets to the right funds, models and services.

“The other thing we have to acknowledge is that advisers help clients see their money in terms of pots – each with a different purpose and often a different time horizon and risk mandate. Managing in decumulation can add to the number of pots – some money will be needed next year, some in 20 years and some potentially for the next generation. We’ve worked hard to overcome that problem and build the flexibility into our platform to integrate it effectively within the service.”

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