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Reframing your retirement proposition and showing the value

Roll up roll up it’s going to be a free for all… The pension rule changes remind me of ‘Black Friday’, consumers raised into a froth of endorfined fuelled frenzy to cash in their chips and the world is theirs.

What we seem to be witnessing is an ill thought through plethora of opinion about how pension investors will spend their pensions post what I term as pension simplification round 2.

Probably time to set the record straight on a few issues:

  1. Pension investors have not had to purchased a annuity at retirement since 1995.

  2. There will be no fill your boots and cash in your pension chips options at 55. Just like Qualifying Recognised Overseas Pension Schemes (QROPS) post pension simplification 1 aka ‘A’ day, the majority will be taxed if any cashing in is attempted. So sense and sensibility will prevail.

  3. The Lamborghini strategy won’t happen, most pension pots wouldn’t be able to afford a couple of this luxury sports cars tires.

We have researched the high net worth pension investor market and asked 55-65 year olds questions about their views, fears and hopes for the new pension ‘freedom’ rules. We can’t provide too much information here as we’re delivering this at our retirement symposium 12th March, but what is clear is that there is a vast misunderstanding about what the rules really mean and a disconnect with the value financial advisers and planners really offer.

Having been a planner and developed planner businesses for over 10 years (in UK and Australasia) I’m 100% onside with the value advisers and planners will offer the consumers on this ‘runway to retirement’. Yet what really concerns me is one question we asked them:

“Please explain why you would not use a financial planner or adviser for help on your pension options post April 2015”, the answers were unanimously in favour of staying with going direct, product providers or even contacting the gov’t (yes Pension Wise).

The reason why financial planners were not deemed a first port of call? Previous experience. They had either had a poor experience or felt ‘ripped off’ previously in other words their thoughts are anchored in the past. Once bitten twice shy, and heuristics in action.

So what can be done? Well I believe that an education process needs to be taken and fast by the financial planning industry. Whether it’s professional bodies, the trade press or planners themselves, re-framing the value of their services to showcase the high value that fee-based advice will provide against the myriad of options post April will go a long way to alleviate these misconceptions.

Planners can re-engage these clients through survey’s, seminars, or online propositions.

Wake up your wealth, SaidSo and Portal Financial are some great examples of businesses willing to reframe their propositions to appeal to clients instincts for the very human need for simple solutions.

Our Symposium will cover this and more and yes we’re happy to offer the adviser lounge community a free pass for the morning. If you’re interested please take a look at the agenda and speakers and email us for your complimentary ticket at

The speakers and agenda for the day can be found here

We’ll be tacking the issue of reframing the retirement solution, at the centre of which needs to be high quality professional and clear financial advice and planning.

Look forward to welcoming some of you on the day. Oh yes, and of course CPD will be available

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