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Older clients dominate advisers’ attention


New data from Selectapension’s Asset Reviewer tool has found that Advisers are currently conducting over four times as many investment reviews for clients aged 60-69 in comparison to clients in the 30-39 age bracket.

This spike in activity for the 60-69 age bracket highlights the immediate impact the Government’s recent pension legislation has had on the retirement market, as those at-retirement look to their Advisers to help them take advantage of new pensions freedoms. However, Advisers should make sure they also consider the opportunity they have in helping younger generations to accumulate wealth and plan for their retirement.
Those aged 30-39 have a strong potential to put aside substantial savings for their later years. According to the ONS, the average take-home salary of 30-39 year olds is GBP455.84 per week and with average housing and living costs at GBP208.70, this age group has GBP247.15 in disposable income. This data analysis highlights that more needs to be done to encourage younger people’s engagement with retirement savings.
All age groups need regular financial advice and financial reviews, whether they are in the accumulation or decumulation phase. So by offering younger savers regular investment reviews to see how their money is growing, Advisers could encourage better savings behaviour for the future and ensure all savers are getting the most from their investments and are taking the right approach to risk.
Selectapension’s Asset Reviewer tool enables Advisers to undertake an analysis of their clients’ existing investments to ensure they match their attitude to risk and that the funds/asset allocation is suitable. Therefore, if the investments are not considered suitable by the Adviser, they can be easily remodelled or switched.
Andy McCabe, Managing Director, Selectapension, says: “Advisers should consider looking at expanding their client base to younger generations as they have such a great potential to start saving now for retirement. Auto-enrolment has made an immediate impact on younger savers as many of them would have been exposed to the concept of retirement saving for the first time. This is a clear opportunity for the industry to engage with younger generations about the need to work with a professional Adviser to actively invest their money in appropriate retirement funds now. It is vital that all age groups receive professional advice and Advisers do not solely focus on the at-retirement market.
“Reviewing cases on a regular basis with tools, such as Asset Reviewer, demonstrates the importance of having research and investment opportunities all in one place.”

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