Royal London has launched a Centralised Retirement Proposition framework to help advisers develop retirement income strategies for clients.
The new CRP support includes a checklist, template, a framework suitable for benchmarking or inspiration and a fully editable version. It is designed to assist financial planners, incorporate their current approach and develop a CRP that addresses the needs of clients in the retirement income phase.
Royal London said the framework covers all aspects of retirement planning, including withdrawal strategies, tax efficiency, long-term care and legacy planning.
While a CRP is not mandated by the Financial Conduct Authority, the mutual said firms are expected to have a well-defined and documented strategy for providing retirement income advice tailored to consumers’ specific risks and needs in decumulation and findings from the FCA showed that firms with a CRP were more likely to deliver consistently suitable advice.
Ilana Miller, investment and retirement specialist at Royal London, said: “Our focus extends beyond merely fulfilling regulatory obligations. Our aim is to help firms deliver great outcomes with confidence by helping them build on the great work they already do.
“Our new CRP suite, built in collaboration with financial planners, provides a brilliant framework for firms looking to strengthen or review their approach. It’s a genuinely agnostic, deeply consultative and flexible solution designed to meet the requirements of individual firms.”
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