Pension Monster is a new online retirement guidance tool for consumers and enables Advisers to provide a cost effective service for those clients with smaller pension provisions or less complex needs.
Pension Monster aims to help people better understand their retirement options and how much more they may need to save to provide for the retirement they want. The tool is free to use at www.pensionmonster.com
Who is it for?
Pension Monster is ideal for people who have smaller pension pots and less complex retirement needs. A user answers some simple questions which gives them tailored information about their retirement options and shortfall analysis, as well as some product suggestions. They can then print or email the report ready for a discussion with an Adviser.
How does it help Advisers?
Pension Monster saves considerable time at the initial fact finding stages of the pension planning process. It costs nothing to use and provides an easy way for Advisers to engage with new clients and understand their current financial position and retirement goals.
Pension Monster allows Advisers to determine the most appropriate service to offer their client, for example a transactional service or face to face meeting.
The powerful Link & Track service means an Adviser can monitor when a report has been completed, indicating the client may be ready for further discussions.
If required, for a small annual charge, the system can be tailored to include an Adviser’s company logo and/or preferred products panel.
For further information
- Try Pension Monster
What is Pension Monster? Why should I be interested in it?
Pension Monster is a free to use, online retirement planning tool which aims to help people better understand their retirement options and how much more they may need to save to provide for the retirement they want.
We believe Advisers will be interested in using Pension Monster to start the planning process with a new client because:
What are the benefits of using Pension Monster for my clients?
- It’s a quick and easy way to gather basic data about the client’s current savings and investments, their aspirational budget and where appropriate, shortfall.
- It’s an ideal way to provide a cost effective service to those with smaller pension provision or less complex needs.
- Advisers can use Pension Monster as an assessment tool to determine the best way to serve new clients.
- The system gives a tailored overview of possible retirement options for the client.
- Advice firms can tailor Pension Monster to include their own company logo.
- Pension Monster can be tailored to include a preferred panel of products.
Pension Monster brings the following benefits to your clients:
Is Pension Monster a robo-advice tool?
- Pension Monster is a friendly and easy to understand platform which introduces the client to retirement planning and makes them aware of the opportunities available.
- Using Pension Monster will improve your client’s knowledge of financial planning.
- Pension Monster creates realistic expectations about living in retirement.
- Pension Monster provides a quick and easy way to find out what options are available, identify some possible products and encourages users to take action about their retirement planning.
- There is no need to talk to an Adviser initially, so there are no concerns about fees or giving personal information to begin with.
No. Pension Monster offers tailored guidance and product information only. It is not possible for users to apply for products directly through Pension Monster.
Users are signposted to contact a regulated Adviser before making any changes to their pension provision.How do I access Pension Monster?
The website is at www.pensionmonster.com
We are also offering Advisers a Link & Track service to monitor a client’s progress through the system towards completion of their Pension Monster report.
The Link & Track service is available from the Selectapension dashboard.
If you are not already a Selectapension subscriber and would like further information, please call our sales team on 01892 669494.Can i include a link to Pension Monster on my own website?
Yes, Advisers are welcome to include a Pension Monster URL on their own website or in their email footer. If you are a subscriber, use your personal URL issued with your Selectapension subscription to trigger the Link & Track feature. Your URL is found under the Link & Track button on your Selectapension dashboard. If you wish you can copy one of the images below to place on your website and then insert a hyperlink to your URL. Your website designer should be able to do this for you.Where are the reports stored on Pension Monster?
Pension Monster does not store any reports. Users can print or email a copy of their report to keep. If a user has clicked Pension Monster associated with an IFA’s personal URL, then that IFA will receive a copy of the report by email.What is Link & Track?
The Link & Track feature is available to Selectapension subscribers and allows them to track a users journey through Pension Monster and receive a copy of any completed reports.How much does Pension Monster cost?
Pension Monster is free for anyone to use at www.pensionmonster.com.
The Link & Track feature is included free of charge with all Selectapension subscriptions.
If you haven’t a Selectapension subscription, but would like to use Pension Monster with the Link & Track feature, please call us for further details.
We charge a small annual fee to tailor Pension Monster to include your company logo or to implement a preferred Provider product panel. Please call us for further details.How many Provider products are on Pension Monster?
Pension Monster includes products from a scaled down list of around 20 key Providers, unlike other Selectapension tools which include over 200 products from more than 60 Providers.