Adviser Forums

Managing the complexities of later life

During March 2017, we hosted eight Adviser Forums across the UK where we discussed how to help your clients manage the complexities of later life

Much has been spoken and written about the retirement landscape now that pension freedoms are embedded, in particular the choices that people are making with their pension pots. Whether or not they made wise choices remains to be seen - none of us knows what the future holds.

But it isn’t just the choices that your clients make ‘at retirement’ that matter – it is the variety of important decisions that they must make throughout their retirement – an evolving journey that for many could last longer than 30 years.

Retirement isn’t just about finding a way to replace income once earnings stop. Your clients may need to consider how best to optimise the use of all assets – including their property – to support their financial plan and objectives. They may, at some point, find themselves in vulnerable circumstances.

They may need to face up to the reality of living with a need for care that they will be responsible for funding themselves. The importance of financial services to meet the cost of paying for care has never been more relevant, but there is a gap in providing this.

With this as the backdrop, our first series of Adviser Forums under the Just brand focussed on how financial planning can play a key role in helping clients get good outcomes no matter what stage of the retirement journey they’re at.

We looked at the market and considered the challenges facing advisers and their clients. We also examined what changes take place as clients moved through retirement and the risks that emerge.

We helped reflect on how your processes fit with diverse and changing client needs; and how well their business is tuned into regulatory and industry thinking about helping an ageing population.

Learning Outcomes

Key learning outcomes of our Adviser Forums included:

  • Outlining the latest FCA research and publications about consumers at and in retirement.
  • Anticipating key client needs during three stages of retirement.
  • Describing the role for guaranteed income for life provided by an annuity.
  • Identifying when equity release can support a client’s financial plans.
  • Developing policies for working with vulnerable clients and their attorneys.
  • Anticipating key client needs when a care requirement arises.
  • Building a retirement proposition that works for the clients lifetime.
  • Reviewing proposition and process to ensure both clients and firms are properly protected.