Three things your client may call you about this week ...
Hargreaves trust lower post-Woodford
Trust in Hargreaves Lansdown has dropped, retirement plans are on hold due to coronavirus and intergenerational wealth planning is on the up - here's our weekly heads-up on the financial stories that may have caught your clients' attention over the weekend..
Trust in Hargreaves Lansdown takes a dive after Woodford
Hargreaves Lansdown customers have apparently "lost faith" in the platform giant, The Sunday Timesreports this weekend.
An annual poll of 1,449 investors by the consumer group Which reported by The Sunday Times has, for the first time, shown confidence has "ebbed away" in Hargreaves amid the fallout from the collapse of Neil Woodford saga, which resulted in some customers of the investment platform losing money.
Hargreaves spent six years at the top of Which?'s annual survey, and was last year beaten by Vanguard on the basis of value for money. This year, Hargreaves has slipped from second place to sixth.
Which? Money editor Jenny Ross said: "The fallout caused by Hargreaves Lansdown's association with Neil Woodford is clear to see in our survey. Judging by some of the comments left by customers, it has a long way to go to regain the trust of those who feel betrayed by the saga."
Millions of retirements derailed by coronavirus - here's how to get back on track
The coronavirus pandemic has dashed the hopes of millions of savers hoping to retire early, with close to £20,000 being wiped off the value of the average defined benefit pension pot, The Telegraph reports.
Legal & General has estimated more than 1.5 million workers aged over 50 would defer their retirement and work an extra three years on average due to the recent economic crash.
Wealth management groups have warned investors against drawing large sums from their pension pots as lockdown continues, as this would potentially lock in long-term losses.
Pension investments have bounced back since the crash, with the average £100,000 pot down by £7,200 since the start of the year. At the market's trough in March the pot would have been worth just £80,276. Mercer partner and director of consulting Brian Henderson said those who were due to retire this year should be well protected and could be assured their investments were safe.
Pandemic accelerates desire to pass down wealth
The number of people speaking to their advisers to try and organise their inheritance planning is on the up, according to the Financial Times.
An estimated £3.2trn of wealth is due to transfer between generations in the UK and North America over the next 20 years and so, in this piece, the newspaper takes a look at what kind of decisions families are taking with their financial advisers and planners.
Partner at law firm Withers and part of the private client and tax team Chris Groves told the FT: "There's nothing like a global pandemic to remind people of their own mortality.
"People have been rushing to get their financial affairs in order and put plans in place to pass down wealth to the next generation over lockdown."