The FCA has zoomed in on the increasingly complex retirement income market. While some advisers have been delivering, the regulator this year identified examples of poor practice. Meanwhile, the political and economic landscapes are shifting.

Even as advisers look to adapt to recent changes, an ageing population – 25% of people in the UK are expected to be over 65 by 2050 – makes good retirement outcomes for consumers perhaps more critical than ever before.

Unique Financial Planning CEO Philip Martin will explore the biggest retirement income challenges facing advisers today and share an overview on broader issues that will affect the market.

Learning objectives:

• Understand the key challenges facing advisers with the emerging complexity of giving advice to savers wishing to provide retirement income
• Understand some of the key challenges posed by the FCA in its Retirement income advice thematic review TR24/1
• Consider the other main political and environmental issues that will impact on the retirement market more generally
  

It is clear from the recent FCA thematic review that retirement income continues to be a key focus. The expectation is that firms will have a robust process for ensuring good client outcomes, taking into account risks that are very different to those in accumulation. In this session, we will cover the approaches to producing an ongoing income and the importance of stress-testing these. We’ll also look at the indicators that suggest a guaranteed income would be appropriate and how this can be built in whilst enhancing the overall investment and legacy objectives.

By attending this session, you’ll be able to:

• Document the key elements of a retirement income advice process
• Recognise the importance and methodology of stress-testing
• Discuss the additional benefits of adding guaranteed income to a drawdown portfolio
  

Striking the right balance between your clients' goals and their tolerance for risk during retirement can be tricky. With the Financial Conduct Authority's thematic review shining a light on retirement income advice, it's increasingly vital for firms to evaluate their Centralised Retirement Proposition (CRP) to ensure they are providing the best possible outcomes for clients as they draw down their retirement funds.

This session will explore:

• How a better understanding of attitudes towards financial risk can help deliver optimal client outcomes in retirement
• The importance of building stronger relationships with your female clients
• The psychology of investing and how you can mitigate behavioural biases and support client composure
• The benefits of a Centralised Retirement Proposition and how to enhance retirement portfolios

In recent years, financial markets have experienced significant volatility, prompting many clients to seek greater stability and protection for their retirement income. This session will discuss how to adapt retirement income strategies to meet client goals and provide sustainable income in uncertain times. Alongside market changes, regulatory landscapes are also ever-evolving. Legal and General, in partnership with the Consumer Duty Alliance, has developed a Thematic Review Guidance booklet and a Checklist to assist advisers in navigating these new regulations. We will explore these resources and their practical application during our session.

After the session you will be able to:

• Review how market conditions, regulation and changing socio-economic factors are impacting retirement outcomes

• Understand the role of guaranteed income in providing greater certainty and peace of mind for your clients

• Appreciate how death benefits can be used with guaranteed income products to leave a legacy for your clients’ families

Selling a business is one of the most significant decisions for a business owner, often coinciding with personal considerations like retirement and succession planning.

In this session, Octopus Investments will explore the various options available to business owners who are considering retirement or transferring their business, offering insights into the tax, financial, legal, and emotional factors that influence these decisions. Using real-world examples like Jenny’s paper cup factory and Fred’s fast-food chain, we will discuss the unique challenges and opportunities for business owners at different stages of readiness. We’ll also consider more complex strategies like discretionary trusts and family investment companies, highlighting how these can support long-term wealth management goals.

This session is designed to equip financial advisers with the expertise and practical tools to guide business owners through the intricate process of selling or transitioning their businesses, targeting a smooth and financially secure retirement.

Learning outcomes include:

• Understanding the diverse options available to business owners when selling or transitioning their business

• Evaluating personal readiness for retirement through case studies

• Exploring advanced wealth management strategies, such as discretionary trusts and family investment companies and tax-efficient investments

• Navigating the emotional and practical challenges associated with business succession

• Enhancing client outcomes through tailored financial advice and strategic planning

Is retirement a vulnerability in itself? The FCA has mandated that vulnerability be taken seriously, and there are many aspects of this that you may still be grappling with or have not yet embedded in your retirement planning. This session will delve into the intricacies of vulnerability and retirement planning, highlighting the essential aspects of managing vulnerability while adhering to Consumer Duty regulations and other FCA guidance. Quilter Cheviot will advocate that the most effective approach is through a bespoke investment portfolio, complemented by best-in-class personal service.

This event is designed to equip financial advisers with the knowledge and tools necessary to ensure positive client outcomes amidst unpredictable circumstances.

Learning outcomes include:

• Understanding vulnerability
• The wider regulatory picture
• The ups and downs of the retirement journey
• Truly bespoke investment management
• Client retention and experience
  

The FCA's thematic review of retirement income advice has outlined how unsuitable advice has the potential to cause significant harm to client outcomes, in particular the risk that clients suffer a reduction in the level of income they expected and/or their funds run out too soon.

Bordier UK will explore the challenges of managing clients in drawdown, particularly the management of sequencing risk – one of the biggest risks facing clients taking a regular fixed income in their retirement.

• Highlight – areas for consideration/improvement.
• Outline – good practice for providing retirement income advice.
• Understand – the implications of sequencing risk.
• Examine – support to help manage client expectations.
• Learn – a different investment approach to support a regular income.