IFAs Expect More Couples and Families To Seek Joint Advice

by | Nov 4, 2015

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A new report concludes that IFAs expect more couples and families to seek joint advice on retirement planning as a result of the recent pension freedom rule changes.

The research comes from the Prudential and shows that of those questioned, over two-thirds (68%) believe that they will advise more couples in the future and nearly half (46%) expect more family groups. What’s more, over the last 12 months, one in three (33%) advisers reported an increase in couples and families in their client base over the last 12 months. As for what will be most important for families, it’s reckoned that in the light of the new pension freedoms, inheritance tax planning, tax minimisation and planning for retirement will be key topics.

As for what IFAs think about this trend, nearly 50% believe it is good practice to encourage partners and families to seek advice together and just over half (53%) say joint financial planning will become more important. Also, some 39% say they have already developed special services to meet the increasing demand for this type of advice.


Retirement income expert at Prudential Vince Smith-Hughes  said: “Advisers are telling us that the shape of their client base is changing. Best practice in retirement and legacy planning has always been for couples to make well informed joint decisions. But recent changes mean that for some people it’s now also important to involve their wider families in the planning and decision making process.

“The choices now faced by those who have saved through their working life and the implications of these choices mean that, more than ever, professional financial advice should be a valuable part of retirement planning for most people. The free and impartial guidance available from the Government’s Pension Wise service should also prove extremely valuable to anyone over the age of 50 with defined contribution pension savings.”

Independent retirement options expert Billy Burrows said: “The pension freedoms put people in control of their pension pots and they can now take income or cash in any way they wish at any time after the age of 55. One of the most far reaching changes are the new death benefits which allow pension pots to be transferred to any number of beneficiaries, which means that pension funds can be passed from one generation to another.


“However, with freedom comes responsibility and individuals owe it to themselves and their family to get the best possible help and information before making very important decisions about how best to use their pension pot. With this in mind, it is no surprise to see financial advisers gearing up to be ready to help more couples and families make the right financial decisions together in the future.”

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