Standard Life launches Retirement Expense Tool to help clients predict expenditure
21 November 2018
Standard Life has expanded its cash modelling suite for adviser firms with the development of a Retirement Expense Tool (RET) to sit alongside its Cashflow Modelling Tool and Income Withdrawal Optimiser.
The Standard Life in-house developed tool is based on Office for National Statistics ONS data and designed to help conversations with clients as they work out how much income they need in retirement and how those needs may change over time.
The RET helps clients compare what others with similar incomes are typically spending and can be personalised, as well as being exported to form part of the client suitability documentation, or simply used as part of the advice process.
Alastair Black, Head of Financial Planning Propositions, Standard Life said: “The number of people using income drawdown for their retirement planning is continuing to increase apace and advisers are telling us it is becoming increasingly time consuming to help their clients work out how much money they need now, and how that might change in the future. The Retirement Expense Tool sits alongside the cash modelling suite and has been specially designed to enhance the conversations advisers are having, helping them make their clients think about what they might need at the beginning of their retirement, as well as how that might differ as their circumstances change in the future.
“We want advisers to facilitate the best possible retirement for their clients and help to make the advice process as straightforward as it can possibly be.”
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