Refining retirement propositions for the new investment and regulatory landscape
The combination of Consumer Duty, the Retirement Income Advice Review, the Regulator’s recent 'Dear CEO' letter, and the shifting interest rate landscape leaves advisers with little choice but to reassess their approach for clients navigating retirement planning.
Parmenion’s retirement specialist Patrick Ingram has identified seven key advice challenges in working towards the process improvements the regulator is looking for:
- I want to treat all my clients as individuals, but I need to group them into segments for governance and MI. How can I distinguish them in broad terms?
- What evidence do I need to record in making those distinctions?
- How do I measure the value I add, both for my wealth management and my flexi access drawdown clients?
- Is use of the Retirement Income Advice Assessment Tool compulsory? And is cash flow modelling also mandatory for flexi access drawdown clients?
- How and why am I discounting annuity for flexi access drawdown clients?
- What's my development strategy for my key client segments and when do I take on clients I'd rather not be dealing with? Is the advice gap my problem?
- What does my strategy and my tactical shifts mean for my business value?
Patrick will be sharing his personal views on these important questions over the next few weeks, so look out for webinar invitations and thought pieces coming soon.
In the meantime, you can hear him discussing key topics in retirement planning with a range of industry experts including Adrian Boulding, Tom McPhail here.
This article is for financial professionals only. Any information contained within is of a general nature and should not be construed as a form of personal recommendation or financial advice. Nor is the information to be considered an offer or solicitation to deal in any financial instrument or to engage in any investment service or activity. Parmenion accepts no duty of care or liability for loss arising from any person acting, or refraining from acting, as a result of any information contained within this article. All investment carries risk. The value of investments, and the income from them, can go down as well as up and investors may get back less than they put in. Past performance is not a reliable indicator of future returns.