The “tax smart” software suite is designed to help an advisor produce up to 33 per cent more retirement income for a client household, LifeYield says, citing a study by Ernst & Young.

The software suite includes the LifeYield ROI program, which suggests the most tax efficient sequence to grow and withdraw assets across multiple taxable and tax-advantaged accounts, according to the firm. It also includes LifeYield Illustrator, which demonstrates the effects of consolidating assets with an advisor using LifeYield ROI.

Karl Lindberg, president and chief executive of ING Financial Partners, said there was a growing need for retirement income as the “baby boomer” generation reaches this age group.