Over half of advisers signal concern over industry’s lack of innovation

Nearly two thirds of advisers (63%) believe they have all the tools and products required to meet their client’s needs, but just over half (52%) believe that the industry has lacked innovation and new solutions, according to new research by Canada Life.

Yet advisers also show hesitancy with only 56% feeling comfortable exploring and offering clients new products, the research among 206 UK IFAs conducted by Opinium Research between 5-8 July 2021 further revealed.

While the majority (93%) of financial advisers felt confident they could deliver the flexibility into retirement that their clients required, 83% felt they were one step ahead of their clients all or most of the time in terms of their needs.

This was despite the varied impacts of the pandemic, with two fifths (41%) of advisers suggesting clients had changed their long-term financial needs in the past 12 months.

Sean Christian, managing director and executive director, wealth management division at Canada Life, said: “The impact of the past year will continue to drive a need for greater flexibility to ensure advisers meet the evolving needs of their clients. The industry needs to support advisers and their clients, as needs and perspectives on retirements continue to change.”

He added: “The ability of the industry and advisers to work together, in developing innovative solutions and advice, is what will enable us to collectively deliver clients long term financial plans.

We’ve continued to develop our own retirement solution to respond to the challenges of providing clients with flexibility and certainty in any combination with the ability to de-risk through retirement journeys. For example, the Retirement Account allows advisers to drawdown in combination with taking a guaranteed annuity income.”

Canada Life has launched the What If? campaign, which aims to highlight the opportunity for clients to take control of their ‘second life’ and how factors such as lifestyle, family, flexibility and certainty all have a role to play in decision making.

Through various scenarios advisers can see how The Retirement Account can respond, could be the antidote to uncertainty, and it can be as flexible as clients’ future plans bringing together simplicity, guarantee and potential for growth.