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How Elevate can help advisers streamline the drawdown process

Steve Owen

Steve Owen, Head of Elevate Platform Proposition at Standard Life, talks about how the Elevate platform’s Pension Investment Account feature can help advisers manage drawdown more efficiently.

Managing a client’s investments efficiently is a big concern for advisers, especially when it comes to drawdown. So when we developed Elevate, one of our chief goals was to create a streamlined, efficient approach to help with adviser processes.

Elevate is a highly rated*, competitively priced platform with many features that can help advisers deliver high quality financial planning at scale and it’s particularly useful for managing drawdown.

After the pension freedoms were introduced in 2015, helping advisers improve the management and administration of the drawdown process became an obvious priority.

We designed the Elevate Pension Investment Account (PIA) specifically to offer advisers a solution to the capacity challenges that come about in financial planning for retirement, especially with clients in drawdown.

It’s an effective, efficient and intuitive technology solution that can potentially help advisers free up time to build their business, spend more time with clients, and reduce their capacity crunch.

Here’s an overview of some key features the PIA offers to help support more efficient retirement planning:

Regular drawdown

As more clients seek to enjoy a phased retirement, the Regular Drawdown option can help advisers provide a tax efficient income. This option is fully automated and online. Advisers can set up regular income for clients and their withdrawals can be tax-free cash or a mix of tax free cash and taxable income to suit their circumstances.

Straight through processing

For flexibility and control, all the steps in the retirement journey are online and automated. So whether clients are making new payments, crystallising benefits, or taking withdrawals, advisers can provide the instructions online, in real time. Transactions are carried out with straight through processing, meaning a client’s money is invested or paid out to them more quickly.

Simple ‘pay what you see charges’

The PIA offers a simple tiered platform charge and when a client’s portfolio reaches a reduced tier, the lowered charge applies to the whole portfolio. There is also the ability to link accounts between family members for potentially lower tiered charges.

Legacy planning options

To help ensure wealth is passed on tax efficiently to loved ones, the PIA offers a full range of death benefit options such as allocation, trust, Expression of Wish nomination, lump sum and income options. It also supports dependent, nominee, and successor drawdown.

Supporting advisers with solutions to help meet client needs

Naturally, advisers seek to help clients attain their financial goals and manage the accounts of clients in drawdown as effectively as possible.

The Elevate PIA can help advisers support clients through the later stages of their lifelong financial journey with these features:

  • A wide range of flexible income options that cater to diverse client needs, including regular drawdown.
  • Comprehensive pre-funding so clients don’t wait for funds to be cleared (contributions, tax relief on eligible pension contributions, fund switches, and withdrawals from Elevate ISA and GIA).
  • Whether making new payments, crystallising benefits or taking withdrawals, instructions are made in real-time and carried out with straight-through processing.
  • Flexible income options to structure tax-efficient withdrawals, retirement income strategies, and cash flow modelling.
  • A tiered platform charge that is clear and easily understood by clients, plus the potential to further reduce the costs of investing for clients by linking family accounts.

Whether advisers are looking for a solution to help them meet client needs, improve efficiency, or utilise all the flexibility of a platform, Elevate offers a great solution.

To learn more about Elevate for drawdown, please visit the Elevate Pension Investment Account page on our website.

Read more blogs from Steve Owen

The value of investments can go down as well as up and could be worth less than originally invested.

The views expressed in this blog should not be regarded as financial advice.

*Defaqto 5 Star Rating, Defaqto Gold Service Rating, AdviserAsset Platinum, AKG Financial Strength A rating.