Advice Review - Securing Good Retirement Outcomes in a Challenging Economic Climate

Financial Advisory

25 April 2024

ClientFinancial AdvisoryFinancial EducationRetirementTalenttaxWinning Advisers

Expert: Warren Bright, Head of Retail Distribution, Standard Life Facilitator: Ben Wright, Chief Innovation Officer & Director of Progress, Melo


  1. Insights from Standard Life's Retirement Voice Survey revealed client concerns about financial well-being in retirement, emphasising worries about running out of money
  2. Access to advice and guidance needs enhancing for a wider clientele is crucial, given the value clients place on professional advice, with over 80% reporting increased confidence post-advice
  3. Challenges of financial education and talent acquisition in the financial advice sector remain


The session delved into various topics concerning securing good retirement outcomes for clients amidst economic challenges. Initial discussions revolved around factors crucial for successful retirement, including income, tax efficiency, planning, and communication.

The importance of financial certainty, the toll of financial uncertainty on well-being, and the impact of planning and guidance on clients' confidence in their financial future were all emphasised.

Regulatory aspects, such as the FCA's thematic review on retirement income and the Consumer Duty were analysed. Delegates addressed the role of advice, financial education, attracting talent, industry innovation, and solutions to better support clients.

Factors for good retirement outcomes:
Participants share diverse perspectives on essential factors for a successful retirement, including clear planning, financial stability, health, and achieving desired lifestyles without stress.

Understanding retirement factors:
Initial perspectives highlighted crucial elements for successful retirement planning, setting the stage for comprehensive discussions.

Navigating regulatory realities:
Analysis of the FCA's review shed light on regulatory expectations and areas needing industry attention, emphasizing the need for compliance and improvement.

Educational imperatives and talent acquisition:
Recognising gaps in financial education and talent acquisition, participants emphasised the need for improved training programs and incentives to attract and retain talent.

Innovative solutions for retirement:
Innovation in products, services, and advice delivery emerged as crucial for addressing client needs and ensuring successful retirement outcomes in a challenging economic climate.

Key takeaways:

  • Advocate for financial education integration - Lobby for financial education integration into school curricula through collaboration with government and educational institutions
  • Innovative solutions for the advice gap - Explore innovative approaches like simplified advice offerings or technology-driven solutions to address the advice gap
  • Invest in talent development - Encourage investment in training academies and succession planning initiatives by product providers and advice firms to attract and retain talent
  • Promote transparency in client communication - Advocate for consistent and transparent information presentation practices as outlined in the FCA's review
  • Enhance retirement planning tools - Improve cash flow modelling, risk profiling, and centralized retirement propositions to better support clients' retirement planning needs
  • Strengthen workplace pension schemes - Collaborate with employers and pension providers to enhance financial education and foster savings habits through workplace schemes
  • Innovate retirement products - Investigate product innovations that offer a blend of financial security and growth potential to cater to diverse retirement needs