Stan Russell, senior pensions business development manager at Prudential, on why advisers need to break old patterns when it comes to advising on drawdown.
The great English moralist and poet Dr Johnson once said: “The chains of habit are too weak to be felt until they are too strong to be broken”. The retirement landscape in the UK over the past ten years or so suggests we have adopted some habits that it is time to break, or at least time to reassess, before they become bad for business and bad for clients. When talking to advisers on a regular basis about retirement income options, the same message occurs time and again: “If my client has more than £100,000 I look at drawdown, for those with smaller pots, conventional annuities are the b...
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