Nearly three-quarters of advisers believe getting their clients a better income in retirement proposition is a top priority over the next 12 months.
Research by MetLife Europe, a financial services organisation based offshore in Ireland, reveals 47% of advisers also believe asset allocation will be an important issue in 2007, with respondents suggesting they will need to provide a more comprehensive funds offering.
In addition the research, carried out by George Street research from 100 interviews with advisers nationwide, shows 47% of advisers believe a top business priority for the new year is to continue making the most of A-Day opportunities, while 33% believe transacting more Self Invested Personal Pension (Sipp) business is most important.
Meanwhile MetLife reveals 70% of advisers believe an annual client audit is the top internal business priority, while 46% intend to improve or invest in technology over the next year, while 24% plan to change to a paperless office, although just 16% believe recruiting more senior qualified Registered Individuals (RIs) is most important.
Commenting on the findings of the research, Paul Shallis, MetLife’s chief operating officer, says the development of a better retirement income proposition is a massive opportunity for the IFA sector.
He adds: “Falling annuity rates and concerns over drawdown are compounding the need to look at retirement income alternatives. MetLife globally has considerable experience in this territory and we have ambitious plans to launch an innovative solution top satisfy IFA demand.”
Initially the company, which in the UK only works with financial advisers, plans to break into the UK market, from branch offices in London, with a Sipp product solely delivered through IFAs. However it adds other investment products are currently being considered for future release into the market.
If you have any comments you would like to add to this story or would like to speak to its author about a similar subject, telephone Nyree Stewart on 020 7968 4558 or email [email protected]IFAonline
Paul Bruns and Elaine Parkes
3,000 left to transfer
Record numbers of people aged 90 plus
From 3 to 10 October