The nature of retirement advice has got a lot more complex. The introduction of pension freedoms has changed how adviser businesses operate. We probably didn’t expect that initially – after all we’ve been in the drawdown market for over 10 years (albeit with the Minimum Income Requirement) – but it has become clearer there are big issues to manage on more effective and personalised tax planning as well as individual planning around sustainability (without the restrictions but guiderails of capped drawdown).
This means that as an industry, we are confronted with two main issues:
- Firstly, consumers need to understand the value of good advice, and the potential pitfalls of not seeking it – A real Education issue.
- Secondly, advisers are in a situation where capacity is an issue, so when consumers wake up and need help – will there be any capacity for them?
There is now a real need for providers to step up and support advisers in any way possible, whether that be to help communicate the value of advice, or to help Advisers streamline their processes to create capacity.
This is the thinking behind Adviser Edge, the new Chartered Insurance Institute (CII) accredited CPD learning hub for advisers from Standard Life. Working closely with the CII, the hub has been developed by technical experts to offer a set of learning modules, designed to support advisers and their businesses in the retirement market.
In line with FCA regulations, the Adviser Edge Hub will help advisers continue to increase their technical knowledge and fulfil their adviser CPD requirements.
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Alastair Black is Head of Financial Planning Propositions at Standard Life