Royal London is planning to launch a new service that helps advisors to review their clients’ drawdown plans.

The new online drawdown governance service will enable advisors to quickly and easily assess the sustainability of their client’s income on a regular basis.

The company has seen a 67% rise in sales of income drawdown product in 2015 compared with 2014.

The service will act as an early warning to advisors that their clients might not be on track as planned. It will also alert advisors if clients make unexpected withdrawals.

The service will red flag any unexpected withdrawals for potential further investigation, and the client’s details will be automatically prioritised on the adviser’s client review list.

Using this new offering, advisors can summarise all their clients at risk of not meeting income targets, compare individual drawdown plans, assess sustainability of the target income against agreed objectives and generate client reports.

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Royal London pensions specialist Fiona Tait said: "For those customers that choose to use drawdown as their income producing vehicle it is particularly important that they understand that their income needs to last into their ‘old age’. Drawdown investments are subject to specific risks, such as sequencing risk as well as the effect of inflation or market events.

"The new service will help to flag these issues, so an adviser doesn’t discover too late that a client’s underlying fund is no longer able to support their income objectives."