More than four-fifths of retirement savers over 55 worry about running out of money despite taking advice, new research from Evelyn Partners has revealed.
The research also found only a third (33%) feel in control of their finances.
According to the wealth management firm, a significant number of advised clients are entering retirement with low financial confidence, limited understanding of decumulation mechanics and a growing demand for personalised investment solutions.
The research, based on UK investors aged 55-75 with over £100,000 in investable assets, showed 83% worry about running out of money at least occasionally and half (49%) feel most secure when their savings and investments are providing regular income.
Less than one in three (28%) said they were “very confident” in drawing money from investments.
Meanwhile, 39% of those surveyed said “peace of mind” was the most valuable benefit of receiving advice and 36% want a clearer idea of how long their money will last.
Matthew Spencer, head of intermediaries at Evelyn Partners, said: “The findings show that even among those who have accumulated decent pension pots and have sought advice, confidence can be low and uncertainty can be high.
“Retirees want a dependable, regular income from their pension investments and also reassurance that their savings will not run out.”
Spencer said financial advisers can strengthen their client relationships by partnering with investment managers to deliver tailored retirement strategies.
He continued: “Decumulation is personal so investment solutions should be personalised. Retirement is no longer a fixed destination, it’s a fluid, event-led journey. From market volatility to family responsibilities and policy shifts, clients are frequently re-evaluating their drawdown strategies.
“In the end, there’s only so much peace of mind that advisers and planners can provide without a robust investment strategy to back it up.”
The research shows that more than a third (35%) of those surveyed have changed their retirement plans based on adviser input.
Spencer said that for those with complex needs, bespoke discretionary portfolio management offers tailored asset allocation aligned to income needs, risk tolerance, tax position and legacy goals.
He added: “It can offer dynamic responsiveness to life events, shifts and regulatory changes in combination with the critical role of expert financial planning that builds confidence and empowers spending.”
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