Advisor charging: a basis for managing retirement clients
Modelling solutions to support a fee-based retirement portfolio review service
Barrie & Hibbert can support advisory businesses as they adapt to the demands of providing retirement advice in a post RDR environment:
- Building a fee-based retirement proposition using consistent and compliant processes
- Creating efficient advice processes that increase the viability of wider client segments
- Creating a differentiated retirement advice model
It is particularly important in the retirement advice space to ensure advisers are well equipped to provide ongoing review support for their clients. The changing needs of the client and variability of market conditions dictate that income levels, product allocation and investment strategy be periodically reviewed to ensure they continue to meet needs. This is obviously particularly important in the drawdown space where regulatory obligations need to be met.
Benefits
The flexibility of Barrie & Hibbert’s retirement modelling tools will enable advisers not only to perform robust analysis at the client’s transitional point into de-cummulation but also to repeat this analysis throughout the client’s retirement.
Creating an advice framework aligned to the client’s needs, suitable for a post RDR environment:
| Initial Discovery | Establish needs using a fact-find tailored for key issues for the at-retirement client. |
| Review / Recommendation | Creation of retirement product portfolio solutions using the Barrie & Hibbert retirement modelling toolset. |
| Implementation | Barrie & Hibbert retirement tools are integrated to product and investment sourcing platforms and services creating a seamless and efficient fulfillment process. |
| Investment Management | B&H can create and review bespoke risk graded investment solutions for the retirement client. |
| Ongoing Service / Review | The review / recommendation toolset can be reused to provide consistent periodic analysis of the client’s needs and existing solutions – supporting an ongoing advice relationship throughout retirement. |
