Retirement planning remains primary reason to seek IFA

Enquiries for personal retirement planning represented some 32 per cent of independent financial advice searches in July 2012, meaning it remained the primary ‘trigger’ for individuals to seek out an IFA, according to Unbiased’s latest advice drivers report.

Following a gradual dip from February to May this year, when enquiries dipped to a low of 30 per cent, June and July have seen a pick up in the number of people looking for advice on personal retirement planning.

Investment and savings remains the second most sought after area of advice on Unbiased’s ‘find an IFA’ search, triggering 23 per cent of all searches in July, and enquiries for this area of advice have remained steady since December 2011, the website said.

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According to a report published by Unbiased and Standard Life in July, consumers taking pension advice are saving in excess of one third more for retirement than those who have not and are likely to retire with more than £37,000 more in their pension pot.

The report showed the current average pension pot for consumers who have been advised on their retirement planning is £74,554.30, double the average £37,277.10 of those not seeking advice.

Karen Barrett, chief executive of Unbiased, said: “Living a comfortable life post retirement is something that we all look forward to. Yet many of us now need to think about putting away enough of our income to ensure this and to prepare for longer life expectancy.

“In order to preserve our current standard of living, we need to make sure we have the right pension plans in place. And to make better, more informed decisions for your own future, it’s vital you seek advice.

“People who take independent financial advice benefit from a wealth of knowledge and experience to help plan for their retirement.

“Everyone is different and what suits one person, may not suit another, so an IFA can help you plan for your own specific circumstances.”