Findings from Retirement Matters

Overview:

Over 80% of household wealth is held by the over-45s and18% of the UK population is retired, so one could say that 72% are looking for retirement advice. While Millennials and the younger generations need to save more for their futures than they are doing - they don't need to pay an adviser yet.

There are a substantial number or people approaching retirement - as well as already drawing down on their pension - who urgently need advice. By providing a review of the current backdrop – including the demographic, economic and regulatory landscape - we will also explore the impact this is having on the economical, emotional and physical health of UK citizens.

As an industry we have a responsibility to help everyone find a way to fund their future, not just our affluent clients. According to the report Mortality Insights UK from the Government Actuary’s Department, life expectancy is currently 83 for women and 81 for men, but research has shown that those living in affluent areas are likely to live significantly longer (9.4 years for men and 7.7 for women) than those in more deprived areas.

The Context:

Our first Retirement Matters took place on Tuesday 17th October 2023. Retirement Matters is a one-day conference considering the retirement ecosystem and the opportunity it offers for increased client satisfaction and business growth.

It brings together key decision makers including CEOs, Managing Directors, Heads of Strategy, Heads of Retirement and Heads of Investment Proposition who are setting the strategy when it comes to advising your clients on their retirement planning options.

By examining the backdrop, headlines and key challenges of the retirement landscape, the roundtable topics enabled the financial retail and advisory sector to address the increasing needs of those approaching later life and discuss the latest thinking and innovative solutions.

This document captures the outputs from the roundtables which took place.

The Sponsors:

We would like to thank all our sponsors whose financial contribution enabled the Meeting to take place and whose motivation for taking part was threefold:

To be, and to be seen, as being supportive of the industry;
To understand the stresses and strains being placed on the industry and, where possible, respond to them; and
To talk openly with these business leaders with a view to ensuring that their businesses are strategically aligned

The Facilitators:

We would also like to thank our facilitators who are key to the success of our events. We are very grateful for the help of Michael Lawrence, Principal Consultant, Bovill, Kathy Ellison, Director, Savanta, Ben MacGregor, Director, Client Development, Savanta, Rupert Neville, Consultant, and Mike Johnstone, Director, TOMD (The Outsourced Marketing Department Limited) who’s role was to ensure that the roundtables maintained their focus and to encourage participation from all.