Set out your stall on pension freedoms, advisers told

Set out your stall on pension freedoms, advisers told

Advisers must ensure their business proposition is in shape to meet the challenges of delivering advice on pension freedom, David Tillier, head of adviser propositions and strategy at Standard Life, has claimed.

He said advisers should deliver this advice “in a scalable and controlled manner” to make it profitable for them.

“This demands clear and defined processes and policies around tax optimisation, investment volatility management, tax wrapper and portfolio targeting, client withdrawal policy and estate planning,” he said.

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By putting together a clearly defined proposition and business processes built for clients in retirement, Mr Tiller said he believed that this would be efficient enough to help advisers offer a top quality service to more retired clients and manage their business clients.

To help advisers, Standard Life has issued tips covering death benefits, tax, investment solutions, due diligence, policies and controls.

Suggestions include reviewing legacy pensions to see which ones can support new flexibilities on death; preparing to transfer pensions that do not support death benefits as soon as possible and aggregating pension assets with other client assets.

Adviser view

Colin Low, managing director at Essex-based chartered financial planning firm Kingsfleet Wealth, said: “In many ways, we have a proposition to deliver pension advice in place already. The only really new element we had to prepare for is where people can take out all their pension fund, and we have had to put something in place to deal with that.

“If someone approaches us who is not an existing client and wants to take out all their money we are always careful about taking it any further.”