Seccl said it had tried to make the tool as simple and speedy as possible with the setup taking 3 to 4 minutes to complete. It claims it is the fastest drawdown illustration tool available.
It says the tool allows advisers to summarise the projected value and sustainability of their clients’ retirement income (or when they might run out of money), as well as the costs and charges associated with their advice and investment recommendations.
The technology company is owned by London-based financial services group Octopus which also owns Octopus Investments. It acquired the technology firm in August 2019 in a £10m deal to disrupt the platform technology market that underpins retail financial services.”
Founded in 2017 and based in Bath, Seccl aims to help financial advisers, wealth managers, discretionary fund managers and fintechs deliver faster, cheaper and more flexible platform solutions to help manage and administer client money.
Sam Handfield Jones, co-head at Seccl, said: “There are plenty of existing tools out there, offered by specialist businesses who focus entirely on illustration software. But our research showed that these tools were quite expensive, had relatively long contracts, and produced illustrations that, in our view, weren’t the easiest to use or understand. Advisers were telling us that it could take anything from 15 to 25 minutes to create a single illustration. And so we decided to build our own that would take a fraction of the time.
“We’re confident that it will make life easier for all the advisers who use a Seccl-powered platform, as well as to other companies who would like to use the tool on its own.”