Succession Wealth has partnered with tech company Timeline in a move to bolster the wealth manager's retirement planning service for clients.
The partnership will allow planners at Succession to use Timeline's technology to personalise retirement plans for the company's 16,000 clients, in a move hoped to "ease fears of running out of money" in later life.
Lawrence King, managing partner at Succession Wealth, said running out of money in retirement was "something which keeps a lot of people up at night".
Mr King added: "It’s our job to give clients the clarity and confidence they need to be able to enjoy and maintain their lifestyle in those later years.
"Our collaboration will help our planners develop personalised plans that will create positive outcomes and offer clients that all important financial peace of mind.
"The partnership with Timeline is another example of us finding ways to strengthen our proposition and ensure we continue to provide maximum value for our clients."
Timeline's digital service develops asset class and longevity data into a visual withdrawal strategy for clients and tracks real-time portfolio balances, withdrawals and asset allocation.
Abraham Okusanya, chief executive of Timeline, said: "We share a common goal with Succession Wealth – to help clients identify, achieve and maintain their desired lifestyle without the fear of running out of money.
"We know decumulation is one of the biggest challenges for adviser firms.
"It’s encouraging to see Succession tackling this head on, leveraging the power of Timeline to create a viable, well researched, personalised plan for each client – quickly, credibly and in a way that meets and exceeds the regulator’s requirements."
Cautious savers
Official data has shown savers remained cautious throughout last year and refrained from raiding their pots in response to the pandemic.
Figures published by HMRC in November showed savers avoided taking withdrawals at unsustainable levels, with a 7 per cent drop in average withdrawal levels during the crisis.
The average amount withdrawn per individual throughout July, August and September 2020 was £6,700, a 7 per cent decrease from the £7,200 seen during the same months in 2019.
A total £2.3bn was withdrawn from pensions flexibly in the third quarter of 2020, down from £2.8bn in the same period the previous year.
Commentators at the time warned savers must continue to be engaged with their pensions in order to keep withdrawal levels sustainable for the future.
rachel.mortimer@ft.com
