Managing Lifetime Wealth 2024
NextWealth and Aegon have launched a new report in January 2024 – Managing Lifetime Wealth: Navigating retirement advice.
The report is the sixth edition of the Managing Lifetime Wealth report, which charts the continued rise in demand for retirement advice as well as the growing complexity of delivering advice for clients decumulating wealth.
This report defined the current practices and approaches to managing lifetime wealth for clients, allowing financial advice professionals to benchmark their approaches against their peers. The report also looks at advisers’ views of client aspirations and concerns in retirement, specifically looking into the experiences of clients over 50. Finally, the report looks ahead to the challenges and opportunities that advisers will face in 2024 and beyond.
Methodology
The 2024 report findings are based on quantitative research conducted in November 2023:
- Online quantitative survey of 200 financial advisers
- Comparisons are offered to earlier versions of this report. Quantitative survey results in this report had the following number of respondents: 221 in the 2023 report, 212 in 2022, 212 in 2021 and 227 in 2020.
Key findings
- Financial advisers estimated that 53% of the assets they advise on personally are for clients receiving retirement advice.
- One fifth of financial advisers said that their over-50 clients would highlight wealth or finances as needing attention.
- Financial advisers estimate that retirement advice clients have 12% of their portfolio allocated to cash.
- 42% of financial advisers are ‘very confident’ in their ability to demonstrate value for money and a further 52% are ‘somewhat confident’.
- Just over half (54%) of financial advisers segment their client-base with a further 10% saying they expect to start doing this in 2024.
You can download a free copy of the report by completing the form.
