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Pension clients want advisers to protect them from themselves, says new poll by Intelliflo

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Financial advisers are regarded as having a key role to play in stopping people making costly errors when it comes to decisions about their pensions, according to a new survey by Intelliflo.

When asked what elements of advice they valued most from a qualified financial adviser in respect of their pension savings, ‘stopping me from making costly errors’ ranked third (36%) in the top three. The top two were: ‘explaining what my options are with what I have saved’ (43%) and ‘helping me to have more money during my retirement than I would expect to have if I didn’t get their advice’ (42%).

The survey, which polled 1,000 UK adults earning over GBP40,000, also found that:

• The majority (39%) would need to have saved GBP100,000 or more in their pension before they would visit a financial adviser for advice about how to manage it.
• Around one in seven would seek advice if they had less than GBP10,000.
• Just over one in 10 (11%) said they would need between GBP10,000 and GBP25,000.
• Just over one in 10 (11%) would need between GBP25,000 and GBP50,000.
• Just under a quarter (24%) said they would need between GBP50,000 and GBP100,000 saved.

Nick Eatock, Intelliflo’s Executive Chairman, says: “Our poll highlights that financial advisers have a key role to play in protecting their clients from themselves when it comes to making decisions about how they manage their pensions. The publicity around the recent pension changes has highlighted that the new freedoms have the potential to be a poisoned chalice. This presents a good opportunity for advisers to reach out to pension savers to explain how they can help them make wise decisions.”

When asked about paying for advice, the survey found that:

• A fixed pre-agreed hourly rate is the most popular with those polled (35%).
• Just one in eight (12%) said they would prefer paying via a percentage of the total investment value.
• One in 10 (10%) would like a combination of both options.
• Worryingly, the majority (43%) said they intend to manage their pension options without seeking any professional advice.
Asked what they think is a reasonable hourly rate for a fully qualified, independent financial adviser to charge, the results show:
• A third (33%) said less than GBP50 per hour.
• Almost a third (30%) said between GBP50 and GBP100 per hour.
• Almost one in five (18%) said between GBP100 and GBP150 per hour was reasonable.
• Almost one in 10 (9%) said between GBP150 and GBP200 per hour.
• One in 25 (4%) said between GBP200 and GBP300 per hour.
• One in 17 (6%) said GBP300 or more would be reasonable, although among the 55+ age group one in eight (12%) thought more than GBP300 per hour was reasonable.

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