W1M Wealth Management has launched the Retirement Managed Portfolio Service (RMPS) to help financial advisers support clients moving from accumulating wealth to drawing retirement income.
The wealth manager said the RMPS is built around the needs of clients in retirement, rather than those still accumulating wealth. It aims to help retirees maintain their purchasing power, make their savings last for potentially decades and limit the impact of market volatility on their outcomes.
The service is based on three principles: simplicity, resilience and flexibility. W1M said this gives advisers a straightforward, scalable approach to retirement investing.
The RMPS complements W1M's existing managed portfolio service range. Clients already invested in an MPS portfolio can move into a corresponding retirement portfolio, keeping the same investment approach and management team throughout.
W1M said the launch responds to a rise in the number of retirees entering drawdown, along with increased regulatory focus on retirement income outcomes.
George Bromfield, head of adviser solutions at W1M, said: "Financial planning for retirement is fundamentally different from wealth accumulation, yet many investors continue to use solutions that were designed for a completely different stage of life. As clients increasingly rely on their investment portfolios to generate additional income over potentially decades of retirement, advisers need solutions that reflect those changing objectives.
"We've developed the Retirement Managed Portfolio Service to make that transition as straightforward as possible. It provides a resilient investment approach designed to address the key risks retirees face, while giving advisers a simple, plug-and-play solution that sits naturally alongside our existing Managed Portfolio Service."
The RMPS will be available on 12 adviser platforms at launch: 7IM, Aviva, Transact, Aberdeen Wrap, Aberdeen Model Manager, Fidelity, Quilter, WealthTime (Novia), Parmenion, M&G Wealth, Fundment and Platform One.
W1M said it plans to extend the service across the rest of its platform panel in the coming months.