Iress and Challenger have formed a partnership to widen the accessibility of retirement income products.
Described by the companies as a ‘first-of-its-kind technology solution”, they say it will allow financial advisers to better serve their clients as they approach retirement.
The new product, due to launch next year, will initially focus on the decumulation phase. This will include:
- Fact-finding
- Product selection
- Income stream calculations
- Strategy modelling
- Advice generation
- The advice review processes
Iress’ CEO Kelli Willmer said advisers face a range of challenges when trying to determine the right solution for their clients “including a fragmented advice process, inconsistent product information and complex regulatory requirements”.
“We’re delighted to be partnering with Challenger to address these issues and provide a more integrated and streamlined advice process by facilitating an industry solution that transforms awareness and ease of access to retirement income products,” he said.
“We hope that in time other providers will also sign up to provide a whole-of-industry picture when it comes to the lifetime income market.”
