IHT planning and pensions driving ‘Boomer’ advice demand

Inheritance tax planning is a major driver for 58 to 75 year olds seeking regulated financial advice. One in six ‘Boomers’ (16%) said they intend to seek financial advice associated with inheritance tax planning. A further 11% said they were considering whether they needed advice in this area, according to a survey of 1,272 ‘Boomers’ by Dunstan Thomas. London and the South West had 20% and 17% seeking IHT-related advice or planning on accessing advice. Optimising retirement income levels was the other main driver for ‘Boomers’ seeking advice. A quarter of 58 to 75 year olds plan to or have already used regulated financial advice to gain more knowledge about pensions before they retire. A further 15% used or plan to use guidance services from Citizens Advice Bureau, MoneyHelper and Pension Wise. Nearly half (46%) of those with DC pensions and SIPPs have sought or will seek financial advice about their pension before they fully retire. Over a third (37%) of ‘Boomers’ have used a financial adviser at some point in their lives. Adrian Boulding, director of retirement strategy at Dunstan Thomas, said: “These findings reveal a burgeoning demand for regulated financial advice amongst Boomers approaching and in-retirement – particularly amongst younger Boomers more exposed to DC pensions dependence for retirement income." “There’s evidence here of Boomers’ concerns associated with assuring an adequate and sustainable retirement income, as well as de-risking of portfolios prior to retirement. There is also clear demand for IHT planning as well as advice associated with boosting available retirement income through equity release or downsizing.” Opinium surveyed 1,272 58 to 75 year olds across the UK between 28 January and 10 February on behalf of Dunstan Thomas.

IHT planning and pensions driving ‘Boomer’ advice demand

Related items

News from Twitter