A majority 93% of financial advisers feel confident they can deliver the flexibility into retirement that their clients need, a new study from Canada Life has found.
As advisers respond to the changing needs of clients amid the pandemic, 83% believe that they are one step ahead of their clients all or most of the time.
This is despite the varied impacts of COVID-19, with two fifths (41%) of advisers suggesting that clients have changed their long-term financial needs in the past 12 months.
Executive director of the Wealth Management Division at Canada Life, Sean Christian, commented: “The impact of the past year will continue to drive a need for greater flexibility to ensure advisers meet the evolving needs of their clients. The industry needs to support advisers and their clients, as needs and perspectives on retirements continue to change.”
The research, based on responses from 206 UK independent financial advisers during July, also found that 63% of advisers believe they have all the tools and products required to meet their client’s needs, but half (52%) believe the industry has “lacked innovation and new solutions”.
However, advisers also show hesitancy with only 56% feeling comfortable exploring and offering clients new products, Canada Life revealed.
Christian added: “The ability of the industry and advisers to work together, in developing innovative solutions and advice, is what will enable us to collectively deliver clients long-term financial plans.”
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