Advisers are now able to change online the regular drawdown income a client is taking, make a one-off payment to a client, change the income withdrawal strategy and, through re-setting which investments are sold to pay the USP drawdown, actively manage investment sales.
Axa says advisers are already able to drawdown from client’s investments in isolation which enables clients to choose which pot to take money from in respect to their personal circumstances.
It says the technology aims to put the adviser in control, while safeguarding them from inadvertently entering mistakes during the online drawdown process.
Head of marketing Ian Thomas says: “The Elevate PIA online drawdown facility puts advisers firmly in control of managing their client’s income payment. To illustrate the speed and convenience of the online drawdown facility, it is possible for an adviser to instigate the set-up of a new drawdown and the payment of the tax free lump sum and have this completed within the day. To put this in perspective, provided all information required is received and correct, there is nothing to stop a client meeting their adviser at breakfast, agreeing to take their benefits from the Elevate PIA and receiving a tax free lump sum in their bank account the following day.”