Global research firm Investment Trends is once again offering the opportunity to express your views on how you service clients approaching or in retirement, your product gaps and your support needs, through the annual Pension Advice Survey.
This is the second edition of the survey, which saw over 850 financial advisers participate in 2020.
The survey is now open for all financial advisers and paraplanners.
To show their appreciation, Investment Trends are offering the following benefits upon completion of the survey:
- Entry to the draw* to receive a £1,000 Amazon gift card. Two runners up will each receive a £250 Amazon gift card
- Highlighted survey findings, a great tool to benchmark your business against other adviser practices and see how your peers are responding to the current environment
You can participate in the survey by following the link below:
https://survey.investmenttrends.com/s3/5efa3e6fd5a1
Key highlights from the 2020 survey conducted from August-September 2020:
Advisers viewed retirement planning as the most important benefit provided to their clients
The importance of retirement advice cannot be overstated. When asked to list the top benefits they provide their clients, advisers most often cited retirement planning (75%).
After this, the most often cited benefits were providing peace of mind (70%), holistic financial planning (65%) and financial education (54%).
Advisers intended to widen their retirement advice – in terms of products, topics and strategies.
Financial advisers wanted to expand their provision of advice on retirement-specific products. 55% said they recommended annuities to their clients in the previous 12 months, while 64% intended to do so over the coming year. While equity release was less often recommended to clients in the previous 12 months (18%), there was growing interest to do so (24% wanted to recommend in the next year).
Advisers also intended to widen their coverage of retirement-related advice. Over the next three years, at time of questioning, more advisers expected to provide advice on aged care and intergenerational wealth transfer, and they expected a greater proportion of their client base to receive advice in these areas.
‘Variable drawdown in line with market movements’ was the most popular retirement income strategy, relative to level of awareness
The most widely recommended retirement income strategies over the previous 12 months were ‘total return approach’ and ‘consistent drawdown regardless of market movements’ (both were cited by 38%). However, ‘variable drawdown in line with markets’ was most widely recommended relative to its level of awareness (70% of advisers who were aware had recommended).
The level of drawdown that advisers most often recommended were a fixed value per annum (36%) and drawdown within a fixed range (32%). These fixed values were recommended to achieve a sustainable income that covers clients’ expenses.
On average, advisers recommended their retiree clients hold a cash balance worth 1.6 years of their expected annual expenditure.
You can participate in the survey by following the link below:
https://survey.investmenttrends.com/s3/5efa3e6fd5a1
Privacy
Your responses are confidential and will only ever be shown in aggregate after being combined with those of other survey respondents. Your contact details will only be used to arrange delivery of survey prizes/incentives and to invite you to take part in future surveys, if you have elected to do so.
The survey is conducted by research specialist Investment Trends. Investment Trends abides by the Code of Conduct of the Market Research Society (MRS) and the General Data Protection Regulations (GDPR).
If you wish, you can review the Investment Trends privacy policy here. If you have any questions, please email Investment Trends.
*You can view the terms and conditions for the draw here.
