"With Pension Monster, advisers can encourage more people to think about their retirement and provide them with an understanding of what is available before a meeting."
Selectapension says the retirement guidance tool will enable advisers to provide a cost effective service for those with smaller pension provisions or less complex needs.
Pension Monster expedites the data gathering aspect of the pension planning process. Customers enter some basic information and the system creates a tailored report providing an overview of what their options are, how much they need to save to meet their retirement goals and product suggestions from a variety of providers.
They can then send their report back to their adviser at the click of a button in readiness for any discussion. The tool is free to use and a useful Link and Track service means advisers can monitor which of their clients have used the tool.
Andy McCabe, Managing Director of Selectapension, said: “With Pension Monster, advisers can encourage more people to think about their retirement and provide them with an understanding of what is available before a meeting. It will be invaluable in the early stages of retirement discussions and save advisers a great deal of time.
"Pension Monster allows advice firms to combine the elements of technology and traditional approaches to deliver an efficient retirement planning service for their customers. The advice gap has long been a concern in the industry, as evidenced in the recent FAMR.
"The launch of Pension Monster highlights the digital advancement of our industry and will help narrow the prevalent advice gap by accessing the wider market. With Pension Monster, advisers can help their clients improve engagement with their pensions in a way that educates and informs them.”
