The problem with decumulation isn't withdrawal rates - it's platform plumbing

Discussions about sequencing risk in pension decumulation often miss a crucial point. And in doing so, advised clients are put at a disadvantage. Yes, there's merit in viewing sequencing risk purely as an asset allocation and withdrawal rate issue.  But to my mind, there's a massive hole in this thinking.  What's missing is whether a platform wrapper actually enables the end-client to draw from both income and capital, hold lower-correlation assets, and avoid any forced selling of liquid equities in drawdown. At the root of this is a plumbing problem for some platforms, when the...