Old Mutual Wealth has introduced a new retirement service, which brings together three leading elements that transform retirement planning for financial advisors.

Dubbed as IncomeSelect, the new service consist of an income planning tool, the new multi-asset Generation funds from OMGI (Old Mutual Global Investors Launches Revamped Generation Portfolios) and the flexible pension product, the CRA.

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Also, Old Mutual had launched a Retirement Advice Blueprint which provides a framework that advisors need to provide retirement advice to their clients in the increasingly changing world of retirement income planning.

The firm said that retirement outcomes are no longer binary and advisers are now creating unique strategies to meet the bespoke needs of each of their clients.

Old Mutual Wealth retirement planning manager Adrian Walker said: "We understand that advisers need to demonstrate the options available to their clients clearly both initially and in a consistent way when regularly reviewing future plans.

"By bringing the entire planning journey, including tools, functionality and products, together in this way we are enabling advisers to focus on what they do best, advising their clients.

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"By combining an innovative income planning tool, investment funds designed for the at-retirement market, and a pension product with the most flexible suite of income and legacy options in the market, we hope will really make a difference for financial advisers and their clients in the delivery of bespoke retirement solutions."