As the era of defined benefit pensions draws to a close, and with pension freedoms and auto-enrolment reshaping retirement planning, many retirees now rely on a combination of savings and pension pots to sustain them throughout retirement.
These shifts mean there is no one-size-fits-all approach to retirement planning. Instead, a tailored strategy is needed that reflects clients' changing needs. This could mean adjusting for life-changing events such as receiving an inheritance, managing long-term care, or simply adapting to a client's individual goals.
This need for a robust framework surrounding decumulation strategies is further amplified by Consumer Duty and, more recently, the FCA's thematic review of retirement income advice. Both of which highlight the importance of demonstrating how advisers are evidencing they are delivering the best interest of their clients.
While the decumulation phase presents challenges and opportunities, employing flexible, tailored strategies can allow advisers to help clients achieve a secure and fulfilling retirement.
Brooks Macdonald support this flexible approach by offering a range of solutions designed to manage key risks, such as inflation and market volatility, while ensuring that client portfolios remain resilient and well-positioned for the future.
Visit this exclusive new Spotlight to explore how a tailored approach can lead to better outcomes in retirement planning.
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