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The question most asked by clients

25 February 2020

How to retire early has topped the list of questions older clients ask advisers, new research from Standard Life has shown.

The findings of its bi-annual survey of UK advisers showed that 58% of clients close to retirement want to know how much money they need to retire early, while 48% want to know whether they should take tax-free cash as a lump sum.

Other questions raised in the survey included how to pay less tax (38%), the impact of Brexit on finances (36%), transferring defined benefit pensions (22%) and buying an annuity (16%).

Gifting to children and grandchildren in a tax-efficient way during their lifetime and after death also appeared in the list of most commonly asked questions, scoring 9% and 14% respectively.

Alastair Black, head of WRAP platform proposition, Standard Life, said: “Clients close to retirement want to make the most of their hard-earned savings, so it’s unsurprising to see questions on early retirement and lump sums asked most frequently. This demonstrates the true value of good advice, as these are basic questions that can have a huge impact on retirement planning.

“An interesting dimension we are seeing in the research is the healthy proportion of clients seeking inheritance tax and gifting to children and grandchildren. Advisers are telling us this is a growing trend as more clients have larger amounts of money to manage.  The area of intergenerational wealth transfer is reasonably ‘young’ in the UK market, we predict it will become an increasingly important part of the advice and planning process.”

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