The majority of advisers go beyond financial advice with their clients to provide coaching on life in retirement, according to research from Aegon.
Over three quarters (78%) of advisers ask clients as part of their fact find what gives their life meaning and purpose to enable them to understand client’s hopes and fears for retirement.
The research showed that advisers increasingly expect their role to extend further into “retirement coaching” and less focused solely on products and investment choices going forward.
Four in ten (39%) advisers said clients’ top aspiration is to maintain living standards in retirement while 99% of advisers said their clients were concerned about their health or that of loved ones.
Steven Cameron, pensions director at Aegon, commented: “While advisers remain focused on helping clients achieve their financial objectives, the research points to an increasing focus on broader financial well-being.
“Advisers are going beyond their valuable role in recommending products and investments to optimise portfolios towards a more holistic approach that offers coaching on life after work.”
Cameron said that for clients to achieve living standards in retirement they often need the help of advisers to picture their future life.
Cameron said: “To make this goal attainable individuals should look for ways to plan well ahead to ensure they are on track and have the best investment approach to meet this objective.”
Tom Morris, director at Ovation Finance, added: “Being able to find things that give us meaning, a sense of purpose and happiness in general goes a long way to helping us live fulfilled lives.
“Working out what this is doesn’t necessarily come easily for some and this is where an adviser with good questioning and listening skills can be a huge help.
“If there is still some difficulty in finding the answers, research suggests that a good starting point is thinking about areas such as improving our social interactions with friends and family for example as well as getting involved with the local community in some way.”
