Recent consumer research carried out by Defaqto found that only 44% of 55-64 year olds have sought advice on retirement planning, showing that many more may require guidance. When this is considered against the backdrop of the Department for Work and Pensions estimate that 12 million people will retire between now and 2012, there appears to be significant scope for advisers to service people’s retirement income needs.
Matt Ward, Defaqto’s wealth management consultant, said: “The day someone retires represents one of the most important decision-making points of their life and a period when they need the most financial guidance. However, the majority of people nearing retirement that we surveyed hadn’t sought professional advice in this area.
“It is important for advisers to tap into the opportunities presented by the retirement market. By keeping abreast of the key changes and issues impacting this market, as well as defining a cost effective retirement planning advice strategy that can be communicated to their client base, there is a real opportunity for advisers to build their at retirement and annuity business.”