Advisers want simple products for their clients ahead of next month’s pension reforms, research by MetLife has found.
The study showed more than two thirds of advisers believed simplifying products was the most effective way providers could support them following the launch of the pension freedoms.
Dominic Grinstead, managing director of MetLife UK, said: “The role of advisers has been massively enhanced by the pension changes and they will be crucial to the success of pension flexibility.
“Advisers and providers must work together to ensure that those who are at or near retirement get the best and most appropriate support in the new pensions landscape, which includes focusing on service and customers.”
Just one in 10 advisers questioned believed providers were well prepared for the launch of the reforms with concerns about the legacy issues one of the biggest worries.
Philip Stevenson, director and adviser at Cheshire-based Ark Financial Planning, said: “I have got to admit I am frustrated with providers and what they are coming up with as solutions to the new changes.
“At the moment it seems to be that their solution is to shoehorn people into existing products rather than coming up with new ones.”