Partner Insight: The adviser view: Are traditional retirement journeys changing?

Exclusive research from Trajectory and Canada Life brought to the fore five new retirement paths that are growing in popularity

Hardeep Tawakley
clock • 1 min read
Partner Insight: The adviser view: Are traditional retirement journeys changing?

New retirement journeys are causing shifts in how individuals prepare for and enjoy retirement, and three new challenges are changing the way financial advisers work with clients.

The deregulation of life - Advisers are having to understand the new and varied accumulation journeys of customers - particularly regarding issues such as later home ownership and family formation that could include ageing parents in care, or younger children in education.

A key question advisers are asking is: Do customers need more contingency for more complex interactions?

Time - The interrelation of wealth, working and healthy life expectancy has always provided scope for holistic planning for retirement such as which jobs, careers, skills and employment types will give more flexibility to keep working in later life, or potentially steering towards products that incentivise healthy lifestyles.

But with more clients working in later life there is likely to be a greater demand for advice around tax, and financial advice is crucial. Could advice extend into new areas with partners in non-financial disciplines such as mental health?

Money - The financial lives of clients are now more complicated than ever and advisers will need to come up with more tailored, innovative, and holistic advice if they're to remain relevant and valuable.

This will involve thinking about the audiences they specialise in and their getting to know their ambitions as well as their financial ones.

Questions are arising as to whether advisors should take a broader family, cross-generational approach to advice to deal with such challenges?

 

Click here to access the full article in our Remodelling Retirement guide, and hear from a range of advisers on how they are handling these challenges. Click here to view the guide now.  

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