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

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...