People needing advice at retirement could benefit from group sessions, Prudential’s retirement specialist has said.
Vince Smith-Hughes said although there could be “no like-for-like substitute” for individual, tailored advice”, the growing need for education could be met by employers and advisers hosting group advice sessions.
He said: “The willingness of advisers to facilitate group sessions could be a hugely beneficial first step for those seeking reliable information at retirement.
“The debate about guidance and advice, and how it will be delivered has some way to run yet, but it is clear that advisers are willing to address new thinking and new methods that may help a wider range of people.”
His comments came as Prudential conducted a poll among financial advisers, which found that 45 per cent thought RDR, auto-enrolment and the Budget changes meant that the UK was now in a better position to tackle the savings gap and pensions crisis.
Mr Smith-Hughes added: “It is encouraging to see advisers being positive about helping people take control of their finances and planning for -retirement.”
Adviser view
Steve Herbert, head of benefit strategy for Kent-based Jelf Employee Benefits, said: “We have already been doing group advice sessions. We had a team going into workplaces to give advice and, with our purchase of Later Life last year, we have increased the number of group sessions in the workplace.
“There is a need for greater advice at retirement and during one’s working life. The Budget changes made advice pre-retirement even more pivotal than before.”
