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Financial planning starts at 50, says LIBF

More specialist financial advice is needed for Brits who are pushing back their retirement plans to an age when they are less likely to be healthy.

Research from the London Institute of Banking and Finance found a majority of workers in the UK have failed to save enough to retire and are planning to push back quitting work by up to seven years.

Healthy life expectancy in England is 63.3 for women and 63.9 for men meaning approximately 16-20 years of potential poor health post-retirement, assuming they retire at state pension age.

LIBF managing director for corporate and professional qualifications Brian Wilkinson says: “For a long time most thought that in your 50s financial planning was ‘done and dusted’ – you got your pension, you’d paid off your mortgage. But that’s not the case anymore. Financial planning now starts at 50.”

Advisers will be vital to making comprehensive plans for those potentially spending up to seven years still in work but not completely healthy.

Wilkinson says: “A lot of the advice burden will fall on advisers. They’ll often need to have what can be complex and difficult conversations, particularly as their clients get older.

Encourage retirement savings by giving clients a ‘booster’

“A typical average household has housing wealth, multiple pension pots, savings and investments. That mix of assets needs to be managed carefully to ensure consumers can release cash at a time when they are most likely to need it, and to build in contingency plans for later years.”

Advisers should continue to invest in their skills to advise on financial plans for this type of customers, Wilkinson adds.

“Advisers could looking at qualifications in later life planning, pension transfer and equity release or advanced qualifications in financial advice.”



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There is one comment at the moment, we would love to hear your opinion too.

  1. Financial Planning should start in childhood, with teaching children the basics of money management and how targetting and working towards goals tends to be beneficial.

    Sounds to be like someone at LIBF doesn’t begin to understand what Financial Planning is.

    Money is a means to an end and nothing more, it is not the end in itself.

    Money is what allows people to achieve their life goals, unless you understand people’s life goals how can you possibly think you are best placed to make recommendations of how best to achieve them?

    How many Financial Planners think that a client having stated retirement goal of £25,000pa index linked income at age 65 is a goal?

    Nope, that’s not their goal, their goal is something else entirely, it’s the WHY they think they want that.

    How can you possibly help them plan if you don’t know if that monetary amount and date is actually correct? How can you possibly work that out, if you have no idea what it is that person is trying to achieve?

    Planning is talking about people’s lives, understanding what they want to achieve and when and then mapping out how best they might do that.

    It’s about letting them know if their goal is realistic, achievable, it’s about finding out what they would do if they can achieve their goals earlier, or have more than they need.

    Yet after examining literally 10’s of thousands of factfinds from hundreds of advisers over the last 20 years, I have found 2 people who I would suggest actually planned for their clients, the rest took orders, made sales, or didn’t write things down.

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