Financial services technology provider EV has expanded the functionality within its EVPro adviser software to include Just Group’s innovative Secure Lifetime Income (SLI) solution. SLI delivers a guaranteed income stream for life, which can be included alongside other investments within a client's SIPP, giving advisers greater choices when creating retirement income plans.
EVPro, EV’s end-to-end financial planning solution, helps advisers create holistic plans for clients accumulating wealth or taking an income, from the initial risk profiling and investment suitability analysis to cashflow planning and stress testing. The new functionality means advisers can now select SLI as part of an income drawdown solution within a client’s SIPP, allowing them to blend guaranteed income alongside other investment options. The system provides an overall income risk rating for the combined solution to support suitability assessments and includes stochastic first cashflow modelling functionality to show the level and sustainability of future income generated by SLI and other assets within the SIPP.
In addition, advisers can be provided with a client-specific market rate estimate for the Secure Lifetime Income directly from Just. EVPro uses this rate to show the impact on a client’s situation, taking into account tax-free cash and other factors.
Gary Wheeler, Chief Commercial Officer says:
“Adding SLI to EVPro gives advisers additional choice when devising a sustainable income withdrawal strategy for clients. With retirees increasingly reliant on income from investments to fund their lifestyle in retirement, managing the specific risks facing those in decumulation is more important than ever. And with the FCA’s focus on retirement income advice, evidencing a consistent, robust methodology is crucial. EVPro helps firms assess, build, stress-test and review suitable plans to deliver sustainable income throughout retirement, helping advisers also meet their Consumer Duty requirement to avoid foreseeable harm.”
Kavi Myladoor, retail retirement income director at Just Group says:
“The FCA’s recent thematic review of retirement income advice makes crystal clear that advisers must treat spenders, differently to savers, because of the more complex risks clients in-retirement are exposed to. So we’re delighted EV has made it easier for firms to achieve this, by including our innovative Secure Lifetime Income solution into EVPro. SLI delivers a guaranteed income producing asset, that is uncorrelated to other assets, and so it equips advisers to optimise the investment portfolio and enhance client outcomes by reducing the withdrawal rate on the rest of the SIPP drawdown portfolio. As part of a retirement income plan, it can help manage sequence risk, deliver a higher income, increase long-term portfolio value and crucially, enable advisers to deliver a more sustainable plan.”
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Jenette Greenwood, PR Director, the lang cat
07710 392303 / jenette@langcatfinancial.com
Jenny Burt, Director of Marketing, EV
07557 681 080 / jennifer.burt@ev.uk
EV is one of the UK’s market-leading digital financial planning solutions providers. We have operated as an independent organisation for over a decade, backed by a further 18 years of financial services consultative experience. We connect and empower our intermediary financial partners with intuitive, customer-centric advice, guidance software, and investment solutions.
We have a history of developing engaging tools that help financial advisers and their clients navigate the complexities of financial markets, ultimately delivering simplified financial planning and enabling clarity over investment options, cash flow forecasting and aligned client risk profiles.
Powered by our proprietary market-leading stochastic asset model, our powerful calculations and strategic multi-asset allocations are used globally across the financial ecosystem by financial advisers, pension and platform providers, asset managers, banks, and building societies, to name but a few.
1 Sections 2.23 and 4.30, https://www.fca.org.uk/publication/thematic-reviews/tr24-1.pdf