NextWealth and Aegon have published a report considering the increasingly important and fast-moving topic of retirement advice. That is, the provision of advice for clients approaching, at and in retirement. This report provides financial planners with a benchmark for comparison to help them think through their own retirement advice process and to learn from the practices of other firms.

The results are based on an online survey of 227 financial advisers conducted between 19 and 26 September 2019.

Key Findings

• The report reveals that 60% of advised assets are currently being managed on behalf of retirement clients, an increase from 53% in 2018 and exceeding advisers’ three-year forecast.
• Advisers now forecast nearly two thirds (65%) of advised assets will be for retirement clients in three years’ time (2022).
• Most clients receiving retirement advice have between £100k and £500k of investable assets and the average is £264K
• Overwhelmingly, 81% of advisers charge the same fees for clients who are retired as those that are in accumulation.