View more on these topics

Letter to the editor: Advisers should be praised for their work with older clients

Comment related to interview with Age UK chief executive Tom Wright: How to fund the ageing process?

I am a 67-year-old IFA and honorary president of New Focus, a church-based group which seeks to meet the needs of retired people in Guildford. 

Until two years ago I had a very hands-on role leading this group of retirees and I agree with much of what Tom Wright said. But the statement that “the financial services sector does not cater properly for older people” would have been more accurate if it had said that “some product providers” do not cater properly for older people. 

I wish people would realise that the majority of IFAs are doing a terrific job of dealing with the needs of older people. In fact, if you compare what we do for the elderly with what solicitors, accountants and bank managers do, it is surprising that so few of us have been knighted. 

The RDR has made it increasingly difficult for IFAs to deal with less well-off retired people but that is hardly our fault. In my experience it is IFAs who are talking to elderly people about the importance of making a will or reviewing a will made a long time ago, or about inheritance tax mitigation, the use of trusts and how vital it is to arrange a lasting power of attorney. 

While our target market post-RDR has to be the better off because we are not running a charity, most IFAs of my acquaintance seem to have made some sort of provision for dealing with people with small pension pots. We have many clients in their eighties and are usually happy to visit them in their homes.

Some people have looked into the future while in their thirties and forties and squirrelled away money in pensions and Isas. They have found that, together with their state pension, this gives them enough money in retirement and often some to spare. 

Many others have spent all of their income during their working lives and foolishly trusted that someone else would take care of their two or three decades of retirement. The truth is that however hard we wish, the money is simply not there to do so. 

Arthur Childs, Arch Financial Planning



Kim North: Hard auto-enrol choices that need advice

The majority of my previous week was spent dealing with pension matters. Therefore I watched with interest the capping of pension charges debate. My eyebrows raised when I read Money Marketing’s recent news story’s recent news story about how the Government was considering kicking its charge cap reforms into the long grass as they are too […]


FCA issues third banker warning notice

The FCA has issued its third warning notice against a banker since it was given the power to do so. In a notice published today, the FCA says the individual, who has not been named, worked at a bank and was involved in significant failings in relation to Libor over a period of two years. […]


Royal London intermediary chief exec Hugh McKee exits

Royal London’s intermediary chief executive Hugh McKee has left the mutual insurer. McKee, who was previously managing director of Scottish Provident, has been replaced in the role by Royal London group customer services director Isobel Langton. In addition, Royal London has appointed Tim Harris as finance director. Harris, who replaces Kerr Luscombe, was previously chief […]

The Investment Clock: Keep calm and Macron!

Trevor Greetham, Head of Multi Asset In a marked contrast to the surge in risk sentiment that followed President Trump’s election in November, markets greeted Emmanuel Macron’s victory in the French presidential election with satisfaction and relief, rather than euphoria. After rallying strongly on opinion polls that accurately predicted the outcome, the euro held onto […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm