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6 in 10 advisers report shoppers updating trusts

Virtually two thirds (60%) of monetary advisers are seeing extra shoppers seeking to replace their wills and trusts than earlier than the Coronavirus pandemic, based on a brand new report.

This rise could also be pushed by rising numbers of shoppers seeking to go away bequests.

A 3rd (29%) of over 200 advisers surveyed by Aegon mentioned leaving financial savings to family members was an goal for all their shoppers, an increase of 5% from the earlier yr and up 10% from two years in the past.

The bulk (90%) of advisers mentioned passing on wealth was a precedence for a minimum of a few of their shoppers.

Two thirds of advisers (66%) mentioned that sustaining residing requirements was the highest retirement aspiration for his or her shoppers.

The commonest shopper concern was exhausting retirement financial savings early, with 53% of advisers saying their shoppers have been involved about working out of cash earlier than they die.

Delivering shoppers’ minimal earnings necessities amid macro-economic uncertainty and market volatility was among the many high adviser challenges cited for this yr.

1 / 4 (25%) of advisers listed issues regarding the monetary markets as their high problem for 2022.

Regardless of the challenges, the advisers surveyed have been positioned to help their shoppers by way of uncertainty.

Over a 3rd (35%) mentioned that they had tailored their enterprise fashions and processes for delivering retirement recommendation in the course of the pandemic.

Steven Cameron, pensions director at Aegon, mentioned: “Some advisers be aware that latest market volatility and wider financial uncertainty has meant delivering on shoppers’ minimal earnings necessities has been a problem. The analysis discovered there was rising sophistication in the usage of planning instruments to help secure withdrawal methods.

“Wanting forward, there’s additional uncertainty concerning the financial outlook, with costs hovering and rates of interest low albeit slowly rising. Advisers may have a key position in assessing how this might impression their shoppers’ capacity to satisfy earnings necessities, and doubtlessly adapt their technique accordingly.”

Aegon and Subsequent Wealth surveyed 212 monetary advisers in December.



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