Iress, Challenger link up on tech-powered retirement income solution

Iress and Challenger have combined their advice-tech and retirement income capabilities to develop an “advice-led”, technology-powered solution for financial advisers to better cater for clients on the path to retirement.

Designed to enhance the availability and accessibility of retirement income products in Australia, the solution will leverage Iress’ existing Xplan platform to provide an “integrated advice journey” targeted specifically to lifetime retirement income products.

“With the number of Australians entering retirement set to increase exponentially over the coming decade, we will see an unprecedented demand for retirement advice, with retirement income products playing an important role in this,” Iress’ chief executive for APAC wealth, Kelli Willmer, said.

“However, currently, financial advisers face a range of challenges when trying to determine the right solution for their clients – including a fragmented advice process, inconsistent product information and complex regulatory requirements.

“We’re delighted to be partnering with Challenger to address these issues and provide a more integrated and streamlined advice process by facilitating an industry solution that transforms awareness and ease of access to retirement income products.

“By fully integrating these products throughout the advice journey and leveraging Xplan’s extensive market coverage and decades of rich data and insights, we can empower advisers to better serve their clients as they navigate retirement. We hope that in time other providers will also sign up to provide a whole-of-industry picture when it comes to the lifetime income market.”

Set to launch for Australian financial advisers in 2026, the solution will primarily concentrate on the decumulation phase of retirement and will provide capabilities covering factfinding, product selection, income stream calculations, strategy modelling, advice generation, and the advice review processes.

“We’re proud to launch an industry-first partnership with Iress that empowers financial advisers with the tools to better navigate the complex risks Australians face in retirement. This includes unlocking the power of lifetime income as a building block of smarter, more resilient retirement strategies,” Challenger chief executive, Nick Hamilton, said.

“Retirement is not a single life event, it’s a decades long journey where a retiree’s needs will continue to evolve, which is why developing a system that supports every stage of retirement is so important.

“We hope this partnership paves the way for more participants across the industry to work with Iress to ensure guaranteed income becomes a building block of retirement plans for millions more Australians —giving them the confidence to enjoy a secure, dignified, and fulfilling retirement.”