One of the greatest challenges for any financial adviser is to encourage their clients to make sacrifices today for the sake of their long-term financial security. Ahead of Professional Adviser's PA360 conference, in association with Canada Life, Cherry Reynard explores the psychology behind clients' long-term thinking with the help of Canada Life and psychologist Dr Simon Moore...
There is no magic to the formula of saving more for longer to fund a secure retirement, but all sorts of factors get in the way. The key is to understand individuals' motivation better. The financial advice profession has a number of long-established ways of looking at life stages. The problem is that people's lives are becoming increasingly disparate. The linear path of work, save, retire may not be appropriate for the next generation of clients, where retirement may be a journey rather than a point in time, and for whom working life may look very different. The FCA increasingly re...
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