Four in five advisers going beyond ‘money matters’ in fact find

Around four out of five (78%) financial advisers are now asking their retirement clients in the fact find stage about what gives them “meaning, purpose and happiness”, according to research from Aegon.

The research showed the ability to maintain living standards in retirement is the top client aspiration, with four in ten (39%) advisers suggesting this was the hope for the majority of their clients.

Aegon suggested that discussions that go beyond “money matters” can be seen as a useful way of understanding a client’s hopes and fears in retirement, and can be used to support their broader financial wellbeing.

According to the research, which quizzed 212 financial advisers, more than 99% of respondents said their clients are concerned about their health or that of loved ones. Alongside this were fears around the ability to pay for potential long-term care costs in later life.

Aegon pensions director, Steven Cameron, said that the research points to an “increasing focus” on broader financial wellbeing.

“Advisers are going beyond their valuable role in recommending products and investments to optimise portfolios, towards a more holistic approach that offers coaching on life after work,” Cameron said.

“Through open discussions during the fact find, advisers can gather a fuller picture of a client’s wider life goals and priorities to help finance aspirations and mitigate fears in retirement. Clients not only benefit from advice to support their financial future but also have someone to help them identify what gives them joy and purpose.”

Cameron also suggested that Aegon’s research highlights that the aspiration to maintain living standards in retirement is the “primary objective” for the majority of advised clients.

He added: “To truly deliver on this, people often need help from their adviser to picture their future lives. To make this goal attainable, individuals should look for ways to plan well ahead to ensure they are on track and have the best investment approach to meet this objective.”

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