August 2015

According to new research* from YouGov and leading wealth manager Old Mutual Wealth, almost one-third of retired people were still carrying debt at the point they gave up full time work. The research, to be published in Old Mutual Wealth’s Redefining Retirement study, revealed that the average amount of debt held at the point of retirement is £34,500, however 19% of people had debts of over £50,000 and almost one in ten had debts of over £100,000. 

Old Mutual Wealth, the UK’s largest Wealth Manager, has created an investment division under the leadership of Martin Baines, who steps up from being CEO of Quilter Cheviot to become Chief Investment Director of Old Mutual Wealth. The CEOs of Quilter Cheviot and Old Mutual Global Investors (OMGI) will report to Martin.

Old Mutual Wealth, the leading wealth management business, saw net client cash flow (NCCF) increase by 92% in the first half of the year to £2.3 billion (H1 2014: £1.2 billion). This growth was driven by a clear strategy of integrating all the key elements financial advisers need to service their clients and favourable market developments in the form of the new pension freedoms.

Steven Levin comments on the Government's review, designed to radically improve access to financial advice.