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Beverly Chandler

Survey finds UK pension freedom gives IFAs greatest opportunities


A new survey from Vanguard finds that over 90 per cent of UK financial advisers view the UK pension freedom changes as their single biggest business development opportunity. 

The survey also found that 94 per cent of advisers cite helping clients achieve their life-time goals as the most important aspect within the client and adviser relationship, while two in three UK financial advisers (68 per cent) state that clients come to them specifically to address retirement income planning.
Neil Cowell, Head of UK Retail Sales for Vanguard, comments: "The pension freedom changes have raised a number of questions for UK consumers on how to spend and invest their lifetime savings. However, an even bigger challenge is to ensure people save sufficiently for retirement by encouraging them to develop a financial plan with clear goals.”
Looking forward, the survey also revealed the top challenges for UK financial advisers in the year ahead: regulation (31 per cent), client acquisition and retention (18 per cent), as well as managing client expectations (16 per cent).
Cowell says: "Our survey shows that financial advisers face great challenges ahead, but also tremendous opportunities. Vanguard is a strong believer in the value of advice and financial advisers, and we have been helping advisers to tell their story for many years. Most recently, we've published research that seeks to quantify the difference between the returns an investor might achieve with an adviser's help and the return that they might have achieved if left to their own devices. This difference, which we call Adviser's Alpha, is roughly 3 per cent  per annum over the long term and comprises seven different components, including asset allocation, behavioural coaching and other relationship-oriented services. These elements create real value for clients.”

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