Access to professional advice is "crucial" for people planning their retirement, given the current state of the state pension and long-term care system, delegates heard.
Legal & General head of product development Tim Gosden warned that people are in danger of missing out on value in retirement when not seeking professional advice for their retirement planning.
Adressing delegates at a talk held by the International Longevity Centre (ILC), a think tank led by Baroness Sally Greengross, Gosden said yesterday: "People at the present time are not really assessing their whole situation when it comes to the point of retirement.
"There are a lot more DIY retirees at the moment. We are seeing in the market through the Retail Distribution Review that a lot of people are potentially given less value without financial advice. And it is a problem that we need to address.
"With retirement being what it is now it is crucial that people access advice."
Gosden argued that currently only about 30% to 40% of people that are 'self-funders' have access to long-term care products when "an awful lot more could".
He said the industry was working hard to make people aware of the issues and complexities retirement would throw at them and the importance to get it right. But more needed to be done.
Gosden also said the insurance industry needed more flexibility around regulation so that it can improve product design.
The Pensions Income Choice Association (PICA), an industry body dedicated to raising value for pension savers, is currently drawing up a directory of financial advisers to help connect people to advice.
Earlier this month president of the ILC, Baroness Greengross, tried to make it compulsory for local authorities to refer consumers with long-term care needs on to IFAs, but her tabled amendment to the care bill was quashed by health minister Earl Howe.
Howe concluded that there was no need for the bill to set out provisions for regulated independent advice specifically as other kinds of advice may be more relevant.
First mentioned in Cridland Report
Second acquisition of 2019
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.
Four key areas to focus on
And 94% for critical illness