The tool, which should be available by March next year, will allow advisers to compare products, including variable annuities, lifetime annuities and income drawdown.
Director Ned Cazalet says: “The facility will greatly improve decision-making in the pre- and at-retirement markets. It allows advisers to effectively assess otherwise very complicated products and to work out which of them or which combination of them best suits the client’s needs. This is client-centric, it is not a price comparison tool or a bunch of products specifications that you read.”
The tool, which will be available free to advisers, will also prompt product providers to enhance their offerings, says Cazalet.
He says: “If we are able to put this all on a level playing field, that will also have the impact of showing up the products which are likely to be of less value because there will be no hiding place.”
Syndaxi Financial Planning managing director Robert Reid says: “Comparing products in this market is not easy, so anything that helps advisers to analyse the complex products will be useful but it is essential that the methodology and assumptions are transparent.”