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14/07/2014

Nearly two-thirds of advisers have witnessed an increase in business enquiries since the Budget announcement, according to a survey conducted by investment business Skandia, part of Old Mutual Wealth.

The firm’s latest Adviser Insight survey, conducted in June 2014 among 963 financial advisers from across the UK, found that 64% of advisers had received an increased level of enquiries, either from existing clients or new prospects.

The majority of new enquiries are related to planning for later life, with almost 71% of those enquiries concerning either pension saving, retirement income or IHT/legacy issues.

Plans for radical changes to the way pension savers can access their money in retirement were revealed by the chancellor in March. Key to the planned changes is the proposal that consumers in defined contribution pensions schemes will be able to withdraw as much, or as little from their pension savings whenever they wish after age 55.

The plans were initially greeted with widespread concern that retirees would take the opportunity to access their entire savings and buy a sportscar, however Skandia’s own data revealed in April that less than 10% of its current flexible drawdown customers have taken, or are currently in the process of taking, the entire value of their pension savings.

This latest Adviser Insight survey further emphasises this view with over 78% of respondents suggesting that their clients will look to access their pension savings in instalments decided by them.

Adrian Walker, retirement planning manager at Skandia, said: “It is encouraging to see that advisers are receiving more enquiries following the Budget, showing that the public is becoming re-engaged with the whole process of saving for their retirement.

“The chancellor’s bombshell in March put the pensions industry on the front pages with talk of complete freedom and flexibility. However the reality is still rather complex and the public is still likely to require some guiding through the changes.

“The Government’s plan for impartial guidance will go some way to cater for this need but these figures show that full financial advice is highly valued and that in order to make the most of the opportunities the proposed changes provide, consumers are willing to seek a qualified professional.“

Ends

For more information contact

Tim Skelton-SmithOld Mutual Wealth02380 916 99807824 145 076tim.skelton-smith@omwealth.com

Notes to editors:

Quilter is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

On a ‘go forward basis’, Quilter oversees £ 111.6 billion in customer investments (as at 31 March 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset and single strategy investment solutions; and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Old Mutual Wealth’s multi-asset investment solutions business.

The Quilter businesses will be re-branded to Quilter over a period of approximately two years following separation from Old Mutual:

  • Intrinsic to Quilter Financial Planning
  • Private Client Advisers to Quilter Private Client Advisers
  • The Multi-Asset business to Quilter Investors
  • The UK Platform to Quilter Wealth Solutions
  • The International business to become Quilter International
  • The Heritage life assurance business to Quilter Life Assurance
  • Quilter Cheviot will retain its name.

On 19 December 2017, Old Mutual Wealth announced that it has agreed to sell its Single Strategy asset management business to the Single Strategy Management team and funds managed by TA Associates. The proposed transaction is subject to customary closing conditions, including regulatory approvals. 

Quilter is part of Old Mutual plc, a FTSE 100 group that provides investment, savings, insurance and banking. For the year ended 31 December 2017, Old Mutual reported an adjusted operating profit before tax of £2.0 billion. For further information on Old Mutual plc and the underlying businesses, please visit the corporate website at www.oldmutualplc.com.

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