Billy Burrows - Retirement advice guide now available
Our new guide ‘Retirement Advice - an art or science?’ – written by industry expert Billy Burrows is now available, helping you to better understand the current issues surrounding the provision of retirement advice.
We’ve commissioned this guide to support you when considering your own retirement advice processes and in achieving better retirement outcomes for clients by developing cost-effective advice services.
Billy Burrows, industry expert and author of the guide, said: “Two things happen as people journey through retirement. Firstly, the technical aspects of retirement become more complicated and secondly, the emotional and behavioural factors become more important. Therefore, it is important that advisers and their clients take both factors into consideration when making important decisions.”
The guide is structured around the key issues surrounding the provision of retirement advice:
- Customer segmentation and the advice gap
- Retirement advice process
- What advisers need to know – the skills of the trade
- Behavioural biases
- What clients need to know – the key issues
- The cost of advice and value for money
Vince Smith-Hughes, retirement expert at Prudential, said: “All financial advice is important, and for many older people, advice at retirement is extremely important. Pension freedoms have transformed the way people access their pension pots at retirement, and many people fall into the trap of thinking it is easy and they can make retirement decisions without financial advice. But retirement advice is complex and unique.”
“To support their clients advisers should have a good understanding of the technical matters such as how annuities and drawdown work and the various risks associated with each option but they should also have a good understanding of the behavioural factors they may influence the advice process.”
To bring the various technical and behavioural aspects to life, this guide includes a case study, James, an accountant who is considering his retirement options as he gradually reduces his workload but is worried about the outlook for global financial markets, and demonstrates how he can take tax efficient income without taking undue risks.
The guide has been accredited with 0.5 hours’ worth of endorsed CPD by Chartered Institute for Securities & Investment.
You can now download the guide ‘Retirement Advice – an art or science?’.