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Retirement income app partners with Morningstar

Retirement income app partners with Morningstar

A partnership between a retirement income app and Morningstar will allow advisers to import data directly from any investment institution in the US.  

Fintech company Timeline said its integration with the US-based researcher will allow advisers to eliminate the need to manually enter data and "reduce human error".

The Timeline app launched in 2017 under chief executive Abraham Okusanya and allows advisers to test withdrawal strategies, various asset allocation models, and demonstrate the impact of fees to their clients. 

The partnership will allow advisers using the app to connect their account with Morningstar Byallaccounts in a three-step setup process, where data can then be imported from any investment institution in the US. 

According to Timeline advisers will be able to verify the withdrawal success rate of a client's portfolio over time and provide a "viable" withdrawal strategy, which the fintech firm hopes will create "highly personalised and sustainable retirement plans for clients". 

Mr Okusanya said: "We’re thrilled to integrate with Morningstar Byallaccounts, which is one of the most trusted aggregation technology platforms available in the US.

"It's an exciting time for Timeline as we continue to innovate and develop our next-generation retirement income software for financial advisors."

US funds feature heavily in UK investment portfolios and over the past decade have made up one of the best performing sectors in the market. 

David Johnson, head of Byallaccounts, said: "Morningstar’s mission is to empower investors whether through our own products or through fintech solutions like Timeline.

"Goal planning is one way that advisors can help their clients be successful. The Morningstar Byallaccounts team is very pleased to be the data aggregator for the Timeline solution."

rachel.mortimer@ft.com

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