Drawdown governance service

With more people using income drawdown than ever before, regular reviews and governance have never been more important.

Our drawdown governance service has been designed to help you manage your drawdown clients while saving you time and money.

Log onto our secure online service to get started.

Once you’re logged in, the first thing you’ll see is your dashboard.

It gives an instant health check of your clients’ plans and its colour coding lets you see how each plan performing.

Each colour is rated 1 – 5, green through to red.

1 means your client’s income sustainability is on track (based on what you agreed with your client) and 5 means it needs urgent attention.

You can also keep track of how many reviews you’ve carried out.

Further down you’ll find a list of your clients.

These are organised initially in priority order, with red plans at the top, so you can clearly see your clients who need urgent attention.

As well as name and plan number, you’ll see each client’s nominated income sustainability score and whether they’re on track.

We’ll assess this for you on a quarterly basis by updating the income sustainability scores.

You can also download a full client report which provides the same overview as the dashboard.

Let’s have a look at a client in more detail.

This is the plan details screen for Susan Forbes.

The graph shows the trends in Susan’s income sustainability outlook.

As we move through the graph, the box on the right gives a summary of her status and compares her long and short term outlook. 

As already agreed with her adviser, Susan took an ad-hoc payment of £1,000 from her plan last quarter.

The table below the graph shows a comparison of what Susan and her adviser expected to happen versus what has actually happened. 

It looks at things like contributions, gross income and investment growth.

So you’ll have everything you need to have a conversation with your clients about their plan. 

You’ll also see that as well as taking an ad-hoc payment from her plan, investments haven’t performed as expected.

These two factors together have reduced Susan’s current income sustainability score.

Susan is now highlighted as ‘at risk’ of running out of money early. 

By showing you the impact of these changes, the service helps you keep your clients on track. 

You can use the service to create a personalised report for your client. It’s pre-filled using the information you’ve already provided.

You can send the report as it is, or you can make changes of you want to.

You can also personalise the report with your company logo.

It’s clear, easy to read and summarises the key information you’ll discuss at your client review meeting.

The ‘Review notes’ section can be used to record decisions and actions so you can stay on top of your compliance and record keeping tasks.

Let’s go back and have a look at the clients who are green.

The dashboard is organised in risk order.

Green clients can be seen quickly by using the filter function on the dashboard.

And, to save you time, you can create reports for all your green clients in one go.

The service will also produce a CSV file which can be used to import client information into the word templates we’ll provide, quickly and easily.

This report can help you meet your compliance requirements and demonstrate the service you’re providing.

You can also use it to capture any changes in your clients’ circumstances that might affect their income sustainability.

All allowing you to provide a cost-effective review service.

Our drawdown governance service can really help to simplify and improve your review process, by:

• tracking your clients’ progress and highlighting any changes
• providing the information you need to review your drawdown clients
• quickly and easily and
• produce easy to read client reports.

Speak to your usual Royal London Sales or visit our website.