Empowering Financial Advisers
by Kate Phillips at Timeline Co
In the evolving landscape of retirement income planning, financial advisers face increasing regulatory scrutiny, particularly from the FCA’s Consumer Duty. Firms must ensure their decumulation and withdrawal strategies are robust, client-focused, and aligned with regulatory expectations. This is where Timeline shines.
Timeline leverages over a century of market data and rigorous academic evidence to deliver sustainable withdrawal strategies. Unlike traditional tools, it stress-tests plans against historical scenarios, such as the Great Depression and recent market volatility. By combining this evidence-based approach with Consumer Duty principles, Timeline ensures advisers can act in good faith, avoid foreseeable harm, and support clients in pursuing their financial objectives.
Key features include the RITA API for data-driven projections, a Withdrawal Policy Statement for compliance evidence, and the Livetrack feature, which monitors plans in real time. Tools like customisable fact-finding, advanced risk profiling, and next-generation cashflow modelling streamline workflows while enhancing client engagement. These tools empower advisers to demonstrate ongoing suitability, engage clients with clear and actionable insights, and uphold Consumer Duty’s focus on good outcomes.
Explore how Timeline can revolutionise your practice, ensuring compliant, client-focused retirement income planning. Learn more in our in-depth blog.
Blog: Revolutionising Retirement Planning: How Timeline Empowers Advisers
Retirement income planning has evolved significantly, especially following the FCA’s Dear CEO letter and the introduction of Consumer Duty, which mandates firms to act in good faith, avoid harm, and deliver positive client outcomes. Financial advisers must now demonstrate compliance, suitability, and ongoing service to their clients. Timeline is at the forefront of this transformation, offering tools that enable firms to deliver exceptional results.
Transforming Compliance and Advice
Timeline uses historical market data and academic research to craft sustainable withdrawal strategies. Its unique RITA API ensures plans are rigorously stress-tested, considering risks like longevity, inflation, and sequence of returns. By generating Withdrawal Policy Statements, advisers can evidence the care taken in developing plans, reinforcing trust and meeting compliance standards. This approach directly supports Consumer Duty’s emphasis on evidencing positive client outcomes.
Planning Software: Smarter, Faster Advice
Timeline’s planning tools are designed to turn great advice into seamless client journeys. From tailored fact-finding templates to advanced risk profiling backed by 120+ years of data, advisers can streamline workflows and enhance client engagement. The next-generation cashflow modelling tool allows stress-testing of financial plans against real-world scenarios like market volatility and inflation. Additional features include: Digital LOAs: Reducing admin time by 80% with automated requests and trackers.
· Powerful IHT Planner: Fully integrate inheritance tax planning into clients’ plans.
· Comprehensive Reporting: Save up to 60% on review prep time with modular, customisable reports.
· Back Office Integration: Sync effortlessly with tools like Intelliflo and Iress to enhance efficiency.
These tools not only save time but ensure projections are backed by robust data and presented with clear visuals that simplify complex concepts for clients.
Real-Time Monitoring with Livetrack
Static plans are outdated as soon as they are created. Timeline’s Livetrack feature dynamically tracks plans based on market conditions, ensuring suitability and providing automated alerts. This capability is invaluable for demonstrating ongoing service and adapting strategies when necessary, aligning with Consumer Duty’s focus on client support.
Cash Reserves and Withdrawal Rates: Breaking Myths
Traditional approaches, such as maintaining large cash reserves in retirement portfolios, often rely on outdated assumptions. Timeline debunks these myths by demonstrating how balanced, diversified portfolios, combined with evidence-based withdrawal rates, can deliver better outcomes for clients. By stress-testing portfolios against real-world scenarios, advisers can guide clients towards strategies that avoid unnecessary cash drag while mitigating risk. This aligns with Consumer Duty’s aim to avoid foreseeable harm and deliver financial clarity.
Enhanced Oversight and Integrations
Timeline supports senior managers in fulfilling regulatory obligations through its oversight tools, which provide insights into client demographics, withdrawal sustainability, and fee structures. Integration with CRMs, platforms, and open banking APIs streamlines data gathering, eliminating time-consuming processes like manual fact-finding. These efficiencies contribute to improved client outcomes and adherence to Consumer Duty.
Delivering Clarity and Confidence Under Consumer Duty
Engaging clients with clear visuals and compelling data helps them understand their financial plans and make informed decisions. Timeline’s Compare Plans feature allows advisers to dynamically demonstrate different scenarios, from varying inflation rates to investment returns. Automatically generated reports ensure clients grasp the rationale behind recommendations, evidencing understanding and engagement—a cornerstone of Consumer Duty.
A Holistic Client Experience
With a client experience portal that highlights assets, liabilities, and financial plans in a digital format, Timeline makes financial advice more transparent and engaging. Its account aggregation feature further simplifies the advice process, creating efficiency for both advisers and clients.
Timeline isn’t just a tool—it’s a game-changer for financial advisers committed to delivering exceptional, compliant advice. By aligning with Consumer Duty principles and offering innovative solutions, Timeline empowers advisers to act in their clients’ best interests. Explore its features and see how it can revolutionise your practice.