Retirement clients aided beyond 'money matters' by 78% of advisers

More than three quarters (78 per cent) of advisers go beyond strict ‘money matters’ with their retirement clients by asking about what gives them meaning, purpose and happiness, according to Aegon.

Research from the provider found that many advisers cite this as a useful way of understanding a client’s hopes and fears in retirement which can be used to support their broader financial wellbeing, with many advisers adding that they expected their role to extend further into “retirement coaching” in the future.

Maintaining standard of living in retirement was the main concern of clients, with 39 per cent of advisers stating that this was a hope for the majority of their retirement clients.

Additionally, 12 per cent said concerns about clients’ health and longevity, or that of their loved ones was a major concern, while the same amount found worries about running out of money before death to be a top client aspiration.

Just over one in 10 (11 per cent) said most clients were concerned about the cost of long-term care, 10 per cent said most clients had plans to live abroad and 4 per cent said the majority were worried about replacing the social aspects of the workplace.

Aegon pensions director, Steven Cameron, commented: “While advisers remain focused on helping clients achieve their financial objectives, the research points to an increasing focus on broader financial wellbeing.

“Advisers are going beyond their valuable role in recommending products and investments to optimise portfolios, towards a more holistic approach that offers coaching on life after work.

“Through open discussions during the fact find, advisers can gather a fuller picture of a client’s wider life goals and priorities to help finance aspirations and mitigate fears in retirement.

"Clients not only benefit from advice to support their financial future but also have someone to help them identify what gives them joy and purpose and picture their ‘future self’.”

Ovation Finance director and chartered financial planner, Tom Morris, commented that the results of the research were “very heartening” and added that an adviser with good questioning and listening skills could be “a huge help” for clients looking to live fulfilled lives.

He continued: “Coupled with the technical skills we have; you can then create a meaningful financial plan that enables a client to live a fulfilled life, as well as providing crucial reassurance along the way.

“If there is still some difficulty in finding the answers, research suggests that a good starting point is thinking about areas such as improving our social interactions, with friends and family for example, as well as getting involved with the local community in some way.”

    Share Story:

Recent Stories




DC master trusts
Pensions Age editor Laura Blows, editor of Pensions Age look at developments within the DC master trust market with Paul Leandro, partner at Barnett Waddingham, and Mark Futcher, partner and head of DC at Barnett Waddingham.
Investing in Asia
Pensions Age editor, Laura Blows, discusses with CRUX Asset Management fund manager, Ewan Markson-Brown, the opportunities for investing in Asia and CRUX Asset Management's fund launch to help with this

Advertisement Advertisement