'Fudged' at-retirement advice threatens to destroy wealth, consultancy warns

Carmen Reichman
clock

The lack of advice tools to help create suitable options for clients in the de-cummulation phase is threatening to create problems and could "permanently destroy wealth", a consultancy has warned.

Moody's Analytics head of retail product and advisory Philip Mowbray (pictured) said that the advice industry was lacking the right tools for determining risk at the tail end stages of the investment process, such as in drawdown, and often "fudged" the process. This is a particular problem he said, as the risk for consumer detriment was higher at the final stages of an investment process than in the early stages, when advisers still had the opportunity to "fix things". The regulator has recently voiced concerns about risk-mapping practices at accummulation stages that allow advisers t...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Feel Good Friday: Brooks Macdonald gives sports wellbeing advice

Feel Good Friday: Brooks Macdonald gives sports wellbeing advice

Wealth manager has partnered with charity Sporting Wellness

Professional Adviser
clock 03 May 2024 • 1 min read
Adviser guide aims to 'demystify' Consumer Duty annual reporting

Adviser guide aims to 'demystify' Consumer Duty annual reporting

Firms to produce first annual Consumer Duty board report

Sahar Nazir
clock 02 May 2024 • 1 min read
Behavioural coaching a 'tough sell' among prospective clients

Behavioural coaching a 'tough sell' among prospective clients

‘Clients overlook major sources of value from advisers’

Isabel Baxter
clock 02 May 2024 • 1 min read