Standard Life has launched a cashflow modelling tool on its wrap platform, following calls from advisers for more support in this area, through an "easy-to-use" tool.
The tool will enable advisers to illustrate real-time and future financial events to support the advice process both before and after retirement.
After working in collaboration with financial services technology provider Focus Solutions, Standard Life said the data-light tool would enable advisers quickly to build a "straightforward picture" for clients that can be tailored to individual circumstances.
Payment of the state pension or a stockmarket downturn were examples of events the tool can take into consideration, which the group said would enable advisers to work through different scenarios with their clients and discuss the impact on their investments.
Standard Life head of financial planning propositions Alistair Black said the Financial Conduct Authority's pension transfer consultation paper, published in June, specifically highlighted the area of sustainability of income as a key consideration for defined benefit transfers.
"The challenge for advisers is helping clients understand what this significant pot of money can and cannot do in different circumstances and for how long," he said. "Our new cashflow modelling tool has been designed to help with that."
While the group was aware many advisers already used existing cashflow-modelling tools, some had said they needed more support, added Black, explaining they were looking for an easy-to-use support tool for clients to help them understand their long-term goals and financial aspirations and whether they were achievable.
"The industry needs to be able to support advisers when having these conversations - particularly with the increase in demand from people seeking advice on pension transfers," he said.
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