“Advisers have a great opportunity to demonstrate the value they provide by helping clients understand the new rules and navigating them through the options to ensure they get the best possible retirement outcomes,” he adds.
Mr Ryan agrees: “I think the vast majority of advisers are well geared up to provide advice. However, I think the understanding of the public generally is something that will need aligning with the rules because inevitably we do hear people phoning us asking some questions about how this practically works.”
In canvassing the adviser community about its preparedness, Mr Roberts says the consensus is that “yes, they are” ready.
“Plenty of training has been made available for those who wish to develop their propositions in this market,” he says. “Advisers’ business models have changed and… the opportunity for advice throughout a longer time period is clear.
“Further education is always required and that’s the job of us in the investment management industry and the job of the adviser, of course.”
Ellie Duncan is deputy features editor at Investment Adviser
ADVISERS’ VIEWS By Nick Kinsey
Patrick Connolly, chartered financial planner, Chase de Vere:
The new pension freedoms are a blessing for financial advisers, according to Mr Connolly. “The increased complexity and greater risk in pension schemes mean that people are more liable to make mistakes with their money,” he points out. With that in mind, Mr Connolly is keen to stress that “everyone seeking pension benefits must have secure income in place in order to meet their living costs, before they look to use their flexibilities”.
Martin Bamford, chartered financial planner, Informed Choice:
Martin Bamford says the new pension freedoms “highlight the importance of financial planning”.
“The need for professional advice has never been greater, with pension pots becoming part of a range of assets individuals are likely to draw on during retirement,” he adds. Mr Bamford observes that the “pretty weak guidance package offered by Pension Wise only strengthens the requirement for expert advice”.
Susan Hill, chartered financial planner, Susan Hill Financial Planning:
“Clients having a wider choice makes my role… in greater demand,” Susan Hill says. “The rise in opportunities, due to changes in people’s options, will invariably lead to an increase in the chances of people making mistakes.”
She categorises those likely to make financial mishaps as “spending-spree pensioners”. Ms Hill adds that she has seen a fourfold increase in people seeking her advice.
Jaskarn Pawar, chartered financial planner, Investor Profile:
Jaskarn Pawar believes the changes bring “an awful lot of flexibility into the retirement-planning process”.
“This is good as the client situation can benefit from it,” he adds.
But Mr Pawar remains cautious about the reform’s general impact. “For the wider masses I guess we’ll wait and see how sensibly they react to what is effectively a windfall, although I’ve already had plenty of calls from people wanting to release their pension money,” he says.
