More than one-third of advised clients in drawdown want more frequent reviews, which could potentially put an added strain on financial advisers, research from Zurich has suggested.
According to the YouGov study of 276 advised clients undertaken on behalf of Zurich, almost two-fifths (38%) of those in drawdown who receive advice want their adviser to carry out a review of their income plan at least every six months – as opposed to a more typical annual review.
Around a third (31%) said they would prefer meeting every six months, while a small minority (6%) said they wanted a review every three months and 1% wanted to be in contact with their adviser about their income more frequently still.
Half of advised clients (53%) said they wanted to meet their adviser once a year to discuss their draw down plan.
Adapt to cope
Zurich head of retail platform strategy Alistair Wilson said client need for extra engagement could force advisers to adapt to cope with this added demand.
“Consumers clearly value the role of advice in drawdown and the reassurance they receive from regular reviews with their adviser,” he said.
“In the future, half-yearly reviews could become the norm, especially as defined benefit schemes decline, and people rely more than ever on drawdown for their retirement income.
“This may mean advisers need to adjust how they work as they look to balance the demands of supporting existing customers, while continuing to develop their business.”
This is reproduced from Professional Adviser; all views are from the publication. This originally appeared online on 04 December 2018.
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