After a three-year break from advising clients, annuity and drawdown expert Billy Burrows is back at his old firm Better Retirement.
The next chapter in a career that has now spanned 25 years providing advice to those nearing and in retirement sees him return to a client-facing role after being re-authorised with the firm where he was a director until 2012.
He will advise clients on all aspects of annuity and drawdown, including fixed-term income plans, the new blended solutions and guaranteed drawdown solutions. Additionally, he has launched a new information-only website for both clients and advisers, which hosts free guides and a range of annuity and drawdown calculators and charts.
Professional Adviser marked his return with a Quickfire Q&A.
What made you return to giving advice?
"My speciality is annuities and drawdown and, now the pension freedoms have settled down, I think there is a real demand for specialist advice in that area. It is not about annuities any more - it's about what options are best for people for retirement."
What has changed since you last advised clients?
"Everything has changed and yet, in a way, nothing has. I spent 20 years advising people up to 2013, and I've spent the past couple of years consulting. I still speak to a few clients and the key issue is the same as it has always been - what is the best way of converting a pension pot into cash or income?
"I still think the decision about whether to get income from buying an annuity or investing in drawdown is one of the most difficult questions in personal finance, and people really do need a lot of help and advice to work out what the right answer is."
What do you expect to be the most challenging aspect of your return to advising?
"Obviously there is now a huge advice gap. Typically I have aimed my proposition at so-called 'middle Britain'. A lot of these people find advice complex and think it's expensive, so of course the challenge is to persuade them it isn't.
"There has been so much change and there are now so many important decisions to be made when converting pension pots into cash or income that most people simply cannot make the right decisions without getting proper advice
"There is no nice way of saying this but the stakes are so high and the issues are so complex that, even though they often think they can, most people cannot do it on their own."
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