The full integration will be completed in November 2012, but the software can be used through the platform today, Achaean said in a statement. The software provides analysis of clients' income needs before and during retirement, incorporating this into proposals on Envestnet's platform.

Achaean's software, Retirement Outcome, takes a client's wealth, income needs and asset allocation into account to create spending plans and portfolio risk and allocation plans.

“Sensible planning for retirement is one of the most pressing issues for investors,” said Mike Henkel, chief executive of Achaean Solutions.

A recent survey by Nationwide Financial revealed that many mass affluent Americans who are retiring in the near future have serious worries about healthcare costs and retirement. In the survey of individuals with over $250,000 investable assets, 38 per cent of those edging towards retirement said they have not discussed their retirement at all with a financial advisor.