A group of 50 advisers have come together to offer help to anybody who wants advice on their pension planning or other financial matters during the ongoing coronavirus crisis.
William Burrows, retirement director at Better Retirement, has launched an Emergency Financial Advice website, which allows individuals aged over 50 to book a free initial 30 minute discussion with a regulated financial adviser.
Following the call, the 50 advisers which have already signed up to the initiative will use their discretion and decide whether to offer pro bono guidance for vulnerable and low-income clients or full regulated financial advice for a modest fee if needed.
If the adviser cannot help they will steer the individual to the relevant organisation.
Mr Burrows said during these unprecedented times, lots of people have come together to provide help to those most in need, including NHS staff, social care workers and other key workers.
He therefore thought advisers and others in the financial services industry could do their part by helping those struggling with their finances during the crisis and called on advisers to help him with his initiative.
Mr Burrows said: “The truth is there is currently a huge advice gap and there are lots of people out there who would benefit from advice, but often the advice on offer is either too complex or expensive to obtain.
“The idea behind the initiative is to keep costs down for people who would benefit from receiving this level of advice, such as people who have little in their pension pots and have hit hard times during the crisis.”
He added: “Many individuals may not necessarily need formal advice but instead want reassurance from an adviser at this point in time.”
Andrew Pennie, marketing director at Intelligent Pensions, said: “These are unusual and unprecedented times for us all. It’s been fantastic to see the incredible efforts of all the key workers and fundraisers and we are delighted to be part of a financial services initiative which aims to help people in these challenging times.
“Having spoken with family, friends and our clients, I know people have all sorts of different questions and concerns about the current global situation and the impact on their financial plans.
“We look forward to providing reassurance and guidance to people who contact the emergency financial advice service for help.”
amy.austin@ft.com
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