Financial services software provider Iress has launched a retirement income solution on its Xplan application designed in partnership with Challenger to improve access to retirement income products.
The Retirement Income Solution lets financial advisers model and compare retirement income strategies that incorporate lifetime income products within the Xplan advice workflow.
“The launch of our retirement income solution on Xplan is a step forward in helping advisers deliver more effective and scalable retirement advice,” Iress Asia-Pacific acting wealth chief executive Sam Wall explained.
Wall revealed the product has already been piloted with financial advisers, with feedback around the clarity and impact of the modelling reported to be particularly strong.
“Advisers highlighted how effectively it articulates a client’s income trajectory over time, which materially strengthens the quality of client conversations. Just as importantly, the integration across Xplan significantly improves efficiency, reducing manual inputs, ensuring data consistency and enabling advisers to deliver high-quality retirement advice at scale,” he said.
The system enables financial advisers to use existing client data already captured in Xplan, allows side-by-side comparison of lifetime income products and can model retirement income strategies directly within the WealthSolver facility. As it uses familiar WealthSolver functionality for advisers, there is also no need for extra training.
The solution allows retirement modelling outputs to be integrated into advice documents efficiently, reducing the need for manual data transfer between advisory tools.
Challenger customer chief executive Mandy Mannix noted solutions such as this from Xplan make it easier for advisers to include guaranteed income in retirement strategies, which supports more consistent outcomes for their clients.
“We know retirees want guaranteed regular income; it gives them peace of mind and confidence to enjoy retirement,” Mannix said.
According to Iress, it expects more providers to join over time, which would make for a more connected market for lifetime income products, resulting in better outcomes for both advisers and their clients.
