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40 per cent of IFAs focus on providers’ financial strength when recommending an annuity

Over 40 per cent of advisers look at the financial strength of a provider when recommending an annuity for their client, according to new research from Prudential.

Advisers also cite bonus history, 26 per cent, and fund performance as key factors they consider when recommending an annuity provider to their client.
Well known brand and service were not seen as key considerations in annuity selection, scoring less than 5 per cent of advisers’ votes.
Prudential head of retirement income Aston Goodey says: “The ability to generate cash in both good and bad economic times is coming out strongly as the key factor that advisers consider. Promising to pay an income for life is a major commitment and advisers want the confidence to recommend a company that is financially stable and has the ability to manage their clients’ pension payments and sustain competitive payments over the longer term.”

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