THE CHANGING FACE
OF RETIREMENT
In this in-depth research report we consider how
retirement is changing and what this means for the
future of retirement advice.
Life beyond work is a time of possibility, a time to realise our hopes and dreams. But getting into that position means having the right plans in place.
The need for expert advice has never been greater, but the environment for delivering that advice has arguably never been tougher. Uncertain markets, challenging economic conditions and increased regulation are making retirement advice more complex.
Recognising the importance of retirement to our intermediary clients, BNY Mellon Investment Management asked NMG Consulting to help us gather insight on what all this might mean for the future of retirement advice. We hope you find the research interesting and informative and do get in touch if you'd like to discuss it further.
Richard Parkin, Head of Retirement,
BNY Mellon Investment Management
Richard.Parkin@bnymellon.com
Source: Research conducted by NMG Consulting for BNY Mellon Investment Management between June and July 2023, based on responses to an online survey with 202 retirement-focused financial advisers.
INDUSTRY EXPERTWith more people retiring and the bulk of assets in defined contribution schemes, advice needs will explode.
The future of retirement advice
The next generation of retirees comes with far greater complexity than the one which went before them. What could this mean for the future of retirement advice?
KEY TAKEAWAYS
NEXT GENERATION OF RETIREES MAY BE MORE COMPLEX
With the first GenXers due to turn 60 next year, retirement advice may become more complex as this generation are likely to have more fractured retirement provision.
MORE CHALLENGING MARKETS
A more inflationary environment coupled with ongoing geopolitical risk may require a more thoughtful approach to structuring retirement investments.
DEVELOPING ADVICE MODELS
Traditional retirement advice is likely to expand beyond income planning to a more holistic approach to supporting retirement clients.
INDUSTRY EXPERTAdvice is so personalised now that a financial adviser really needs to get under the skin in terms of what someone is trying to achieve. That is not just about how much income clients want, it is more about what lifestyle they want to live.
NMG Consulting, in collaboration with BNY Mellon Investment Management, embarked on an in-depth exploration* of the UK’s evolving retirement landscape.
Across three themes we uncovered strategies and insights to help you:
- Gain a deep understanding of retirement advice in the changing market environment, through the consumer, adviser and industry perspectives.
- Assess how advice may need to change given evolving lifestyle goals, market conditions and regulatory pressures.
- Find opportunities for you to optimise your advisory model and practice.
retirement advisers
surveyed for their
views on key topics
in depth interviews with consumers, retirement specialists and industry influencers
Investing for retirement
Discover how the changing retirement landscape could impact investing for retirement.
You might also be interested in...
The advice gap in retirement
Few deny that demand for advice in retirement outstrips advisers’ ability to supply it. What role do advisers have in solving this problem?
Delivering advice in a digital world
In our retirement research report, Life Beyond Work: The Changing Face of Retirement, advisers identified three key challenges: changing regulation, meeting client expectations and pressure on adviser charging. As BNY Mellon Investment Management head of retirement Richard Parkin writes, embracing technology is part of the solution in addressing all three issues and may become a competitive necessity for adviser businesses.
Handling the cost-of-living crisis in retirement
The grim reality of rising prices is prompting a reappraisal of retirement plans for many people. For advisers, it may also demand an alternative approach.
What can future generations expect from retirement?
The landscape of people’s wealth is changing. Today’s retirees still have generous pension provision, and plenty of accumulated housing wealth to fall back on. But for future generations, the outlook will be quite different.
* Qualitative interviews took place in June and July 2023 and consisted of individual interviews conducted by senior NMG consultants. Interviews were based around a semi-structured discussion guide with topics tailored to areas of respondent interest and expertise. The quantitative survey took place in July 2023 and consisted of a 15-minute online survey. The sample was sourced by NMG from its in-house UK financial adviser panel and respondents were screened for the proportion of business derived from retirement advice.