David Tiller, Head of Adviser Propositions and Strategy at Standard Life, offer his ten tips for turning pension freedom into advice opportunities.
It’s a new world out there for people approaching retirement – and potentially a new golden age for those who advise them. The need for advice has never been greater, so it’s vitally important that the industry works together to ensure that people can access the right help in good time.
The needs of a client change fundamentally when they pass into retirement. This can require increasingly complex-seeming advice, so adviser businesses must consider how to deliver this in a scalable and controlled manner. It demands, for instance, clear and defined processes and policies around tax optimisation, investment volatility management, tax wrapper and portfolio targeting, client withdrawal policy and estate planning.
If you as an adviser can put together a clearly defined proposition and business process built for clients in retirement, I believe the efficiencies realised will enable you to offer a top quality service to greater numbers of retired clients, while managing your business risks more effectively. I’ve put together ten tips to prompt thought around some of the key issues, and how to make the most of the new opportunities.
These tips are designed to highlight immediate risks and opportunities, as well as longer term strategic considerations. Bear them in mind and build on them, and you may soon be helping many more clients to achieve their retirement goals.
For more information please visit: www.adviserzone.com