Standard Life has unveiled a tax optimisation toolkit to support multi-wrapper retirement income planning and help advisors deal with increasing demand for retirement advice.
Operating as part of the firm’s Accelerate programme, the toolkit supports the implementation of a formal tax advice policy framework, allowing advisors to provide tax efficient retirement planning.
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The toolkit features a new withdrawal optimiser tool aimed to support ongoing client reviews and help advisors place a monetary value on their tax planning recommendations.
Developed by Standard Life’s technical consulting team, the tool also develops a robust tax planning policy, with a ‘How to’ guide and template firms can use to structure that policy and share with clients.
Standard Life said that the withdrawal optimisation tool allows the rapid and efficient implementation of that policy through the modelling of different withdrawal scenarios and then produces a client report illustrating the chosen strategy.
The optimiser will be regularly reviewed and updated to ensure consistency with the latest legislation.
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By GlobalDataStandard Life head of adviser propositions and strategy David Tiller said: "We believe this toolkit will help advisers to do just this. Each step forward in efficiency means more people get to benefit from quality financial advice."
Standard Life head of financial planning propositions Alastair Black said: "Having a centralised tax policy framework, and being able to do this through an easy to use withdrawal optimisation tool, allows adviser businesses to deliver the best client outcomes in a scalable manner."
