You are here: cherry > Press releases for July 2014 > Advice profession willing and able to engage with pensions guidance handoff

03 July 2014

 

New figures from the Association of Professional Financial Advisers (APFA) reveal that the advice profession has the appetite and capacity to accommodate people as they are handed off from pensions guidance - the process being implemented as part of the new pensions freedoms announced in the March Budget.

 

The research, carried out for APFA by NMG Consulting, reveals that 4 out of 5 (83%) businesses state that they have the capacity to take on additional clients seeking decumulation advice following a process of guidance.  Furthermore, nearly half of those businesses with capacity (48%) say they can take on at least 26 additional clients.  The research also shows that only one adviser firm in five would decline clients on the basis of their pension pot size.

 

Chris Hannant, Director General at APFA, said:

“George Osborne’s Budget announcement raised a lot of questions about how prepared the financial advice profession was to tackle the increasing amount of people looking for guidance and then financial advice.  What our research demonstrates is that we have a profession that is both willing and able to help people plan their decumulation.  This is vital, as professional financial advice will, for many, be key to helping people get the best outcomes for their new found pension freedom.

 

“It’s also reassuring to know that advisers will not be turning clients away should they have smaller pension pots.  This to me is a rational commercial decision. But it’s also one that illustrates the crucial role professional financial advisers will play in making the new rules a success for the people who move into retirement each year, and face big decisions over how to plan their finances efficiently and effectively.”