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    Many people are reluctant to seek financial advice, with trust and cost being two major obstacles, particularly for older people. For the over-50s these are the two main barriers stopping them from consulting a financial adviser about their retirement income, according to research by Retirement Advantage. The Retirement Sentiment Index Report found that 42% of the over-50s who were not planning on contacting an adviser said the cost had put them off. This is up from 38% in the previous year.

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    Resilience in the Over-50s

    The report also says that retirees are showing resilience in the face of political and economic uncertainty. Many are comfortable with some degree of financial risk in their lives, and they are planning to develop new skills or even start a business when they retire.

    So sound financial planning should be high on their list of priorities. They will also be able to release money from their pension pot to either invest in other areas or to start their own business. So sitting down with a financial planner would make sense if consultants can find ways to address their fears over costs and trust issues. What to do with their pension fund is such an important issue which needs careful consideration and planning.

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    Networking Is the Key

    Financial advisers actively seeking new clients or wishing to target the over-50s to help with their pension and retirement plans need to work on building up trust. This can be done by networking at different events in your local area or actually hosting free seminars. Obviously, these are great ways to meet potential clients, but it is time-consuming. Therefore freeing up time spent doing administrative duties is a sound idea. Using financial adviser software, such as that from www.intelliflo.com, will mean your paperwork is in order so you have more quality time to spend with people. People buy from people, so it is important to build up trust.

    There are many business-to-business networking groups or exhibitions where advisers can meet the public to talk about their financial issues. At business networking events, advisers can team up with other people offering services such as health plans, real estate or currency exchange to work together – either promoting one another or hosting joint seminars on finance or retirement.

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