Lloyds Bank has launched a financial planning tool to help its private banking clients better plan their retirement in response to the new pension freedom rules.
The financial planning tool, created by Voyant and customised by Lloyds Bank Private Banking, will help client to create a personalised financial plan while enabling advisers to engage clients early into retirement planning process.
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The new solution features daily fund data from Morningstar, which provide portfolio value and the ability to analyse asset class exposures across investments, and a record of psychometric testing to map investment portfolios to the investment risk level appropriate to the client.
The tool facilitate in combining client’s information to include their aspirations and future financial requirements to provide a lifetime financial plan, outlining the client’s financial position at retirement and beyond.
Lloyds Bank Private Banking head of pensions policy Richard Anderson said: "Financial planning is vital for anyone looking for a sustainable income in retirement. By using financial planning tools at an early stage in the process savers will have more insight and understanding of their finances not just at the point of retirement but beyond."
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