The service aims to help advisers with the decumulation phase of retirement planning and costs no more beyond the normal platform and investment management fees, 7IM said. The 7IM service can accommodate different 'pots' for different financial priorities and risk profiles.

Planners can choose how they use the service depending on their practice's business model.

The three options are:

• the discretionary service
• the managed investment service
• the platform

Verona Smith, head of platform, 7IM, said: "There are plenty of firms out there offering to deliver the investment management element, but with this service we've tried to provide a complete package of support that's available to the adviser at every stage of the (retirement planning) process.

"The ultimate outcome is that it should make it easier for an adviser to take on more clients while still giving each of them outstanding service."

She said: "Financial planning is always a skilled and difficult job, but there was a sense with many clients that you got them to retirement and the purchase of an annuity and they were safely home. While annuities will still be the right option for some people, there are now far more options and now many clients need supporting far beyond their retirement date.

"That creates an opportunity for advisers, but also puts a lot of pressure on them, because clients risk not achieving the retirement lifestyle they have envisioned during their working years."

• Editor's Note: 15 Feb. Updated version of story published to add more information about decumulation.