At-Retirement Advice Process
For an existing client, when do the advisers you work with generally start to formalise retirement planning for a client in the accumulation phase?
By that I mean, rather than simply sticking a vague retirement age of, say, 65 on the fact find, when do they start to pin down the client in terms of proper retirement planning? A year before? Two? Three? Five? 10 years? And by proper retirement planning I mean establishing/doing things like:
- Realistic retirement age (rather than default 60/65)
- Whether will phase retirement e.g. part time
- Understanding what retirement looks like for the client e.g. goals, needs, holidays, philanthropy etc
- Desired vs essential income requirements
- Requirements for capital lump sums (e.g. early access to TFC etc)
- Thoughts on drawdown vs annuity vs third way
- Thoughts on de-risking for capital, income as approach retirement
- Cashflow planning etc
(I'm assuming they at least run basic pension shortfall analysis at annual reviews to tell an accumulating client whether they are on track with high level goals e.g. retire at 65 on 2/3rds of present income etc).