Royal London has introduced a new online drawdown governance service that will help advisers to assess the sustainability of their client’s income on a regular basis.
The offering will provide an income sustainability score for each client using information provided by the adviser, and proactive tracking of progress against the score using colour coding.
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Using this new service, advisers can assess sustainability of the set target income against agreed objectives over the short and the long term. It will also provide an audit trail of client reviews to help advisers meet their compliance requirements.
Royal London pensions investment strategy manager Lorna Blyth said: "For those who choose to use drawdown to provide their income, it is so important that they understand all the risks that could result in their income not lasting into their ‘old age’.
"The new Drawdown Governance Service from Royal London helps advisers to simply and easily assess this risk and others, on a regular basis, so their clients have peace of mind that there are not likely to be any nasty surprises.
"The Drawdown Governance Service simplifies and yet improves the review process, enabling advisers to focus more of their time on the delivery of financial advice to their income drawdown clients," Blyth added.
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By GlobalDataThe new service is designed in association with Moody’s Analytics. Royal London has nearly 51,000 income release policies in its book as at the end of December 2015.
