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Standard Life launches adviser tax optimiser and framework


Standard Life has launched a tax optimisation toolkit to support multi-wrapper retirement income planning and help advisers efficiently deal with high demand for retirement advice.

This initiative – part of the Accelerate Programme – supports the implementation of a formal tax advice policy framework, enabling advisers to provide tax-efficient retirement planning in a consistent and scalable manner. The toolkit includes a new withdrawal optimiser tool designed to support ongoing client reviews and help advisers place a monetary value on their tax planning recommendations.
David Tiller (pictured), Standard Life Head of Adviser Propositions and Strategy, says: “When announcing the Accelerate investment programme one key commitment was to streamline ongoing drawdown reviews and withdrawal management. We believe this toolkit will help advisers to do just this. Each step forward in efficiency means more people get to benefit from quality financial advice.”
The tax optimisation toolkit offers a method for developing a robust tax planning policy, with a ‘How to’ guide and template firms can use to structure that policy and share with clients. The withdrawal optimisation tool enables the rapid and efficient implementation of that policy through the modelling of different withdrawal scenarios. The tool then produces a client report illustrating the chosen strategy.
Created by the tax experts in Standard Life’s highly respected Technical Consulting team, the optimiser will be regularly reviewed and updated to ensure consistency with the latest legislation.
Alastair Black, Standard Life Head of Financial Planning Propositions, says: “Being able to demonstrate significant tax savings to clients underlines the value of advice. That is why this framework has been developed in close partnership with advisers to ensure it is genuinely useful.
“With the wide range of choices as to how and when to access all tax wrappers to generate an income, coming up with the optimum options can be time consuming. Having a centralised tax policy framework, and being able to do this through an easy to use withdrawal optimisation tool, allows adviser businesses to deliver the best client outcomes in a scalable manner.”
Tracey Underwood, Managing Director of DB Wood Wealth & Risk Management, says: “The new tax planning tool will create real business efficiencies for us, allowing us to spend more time in front of our clients while also assisting us in providing detailed, accurate planning outcomes.  We are pleased that Standard Life worked closely with us and other financial planners when developing the tool.”

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