Advisers seek qualifications before pension changes

Financial advisers are seeking extra qualifications in preparation for next year’s pension changes and changing consumer demands, LV=’s head of distribution for retirement solutions has said.

Steve Lewis said: “We expect the pension reforms to lead to drawdown and equity release becoming mainstream solutions, so it is reassuring to see that advisers are looking into getting additional certifications to reflect the expected increase in demand for products.”

His comments came as LV= research among 77 people at its Heart of Retirement events found that 45 per cent of respondents were looking at taking further qualifications to increase the range of retirement products they could sell.

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Some 83 per cent of respondents said they expected demand for products with a guarantee to increase and 54 per cent did not believe pensioners would blow their savings.

Mr Lewis added: “Although pensioners will be looking for more income flexibility, many will, of course, want income certainty and a solution that offers a guaranteed element.”

Adviser view

Justin King, chartered financial planner for Dorset-based MFP Wealth Management, said: “You may not need to get new qualifications, but you do need to keep up-to-date with the changes in legislation which are wide-ranging and seem to be changing.”