Advice firm Rowley Turton has begun piloting Return on Life (Rol) index reports among some of its clients to change the way it gives retirement advice.
The service has already been trialled among a small proportion of Rowley Turton staff and the firm is expecting a live client roll out to commence by the beginning of 2019.
The Rol index report allows people to enter their financial information alongside feedback on what they would like to achieve.
It then gives clients a full breakdown of their financial positions and allows them to assess how much money they are free to spend, how life transitions will impact their finances and how much they need to save for retirement.
The service was developed in the US by Mitch Anthony, president of Advisor Insights, and Steve Sanduski, CEO of ROLAdvisor.
Scott Gallacher, financial planner at Rowley Turton, said there was a need for more bespoke pension advice among clients as some people were putting off retirement.
"Some of our clients have no real desire to retire early, so this changes the approach of financial planning slightly," he said.
"Rather than look at retirement as the end goal, we want to use the Rol index to help our clients assess the money they have and how they can enjoy it now, rather than put it all away for when they retire at a specific date.
"The index report will allow us to look further into people’s lifestyle and help them plan for the financial implications presented by transitional life events such as buying a house, getting married and sending children to university."
The index report is currently being offered to clients for free and Rowley Turton said that there were no plans to start charging for the service once it goes live.
Mr Gallacher said: "We have no real plans to start charging for the service but it will allow us to offer more services to our clients."
"We feel that the tool will help us drill down into the finer details of the lifestyles of our clients and help establish closer relationships with them with more tailored advice."