It said advisers should use data-driven tools and products to show the benefits of a different risk mindset.

Its decumulation illustrator launched last year encourages retirees to think about risk in a different manner to how they may have done in accumulation.

It frames risk as the probability of the investor running out of money to “allow financial advisers to discuss income drawdown in a way that is relevant, meaningful and understandable to investors.”

Earlier this year, FE Fundinfo's adviser survey revealed that 70% of advisers now have a centralised retirement proposition, up from just under half a year ago. A further 20% have said they are planning to develop one.

To help advisers, FE Investments has launched two model portfolios solutions specifically made for distinct retirement risks.

Toyosi Lewis, retirement investment specialist at FE Investments, said: “The primary objective of retirement planning is to replace the income from work with a retirement income that provides savers with an income that they are comfortable with and not just one that they can survive on.

“As savers approach retirement, many rely heavily on the advice provided by experts as they look to navigate the plethora of options available to them

“A well-thought-out plan, therefore, is imperative as it can reduce the probability of them running out of money and gives them peace of mind.”

He said with so much turbulence within the investment chain, including both regulatory and other pressing financial matters, the challenges facing advisers is now more complex than ever before.