New research from AKG, part of Defaqto, highlights the growing impact of tax and estate planning considerations on retirement advice.
The research found that 47% of advisers identified tax complexity, inheritance tax, estate planning and intergenerational wealth transfer as having the greatest influence on how they approach retirement advice. A further 46% specifically highlighted changes to the inheritance tax treatment of pensions as a key factor.
Produced in partnership with Fidelity Adviser Solutions and Standard Life, the report also examined how firms structure their retirement advice propositions.
Only 16% of advisers said their firm currently operates a Centralised Retirement Proposition (CRP), while 26% said they have a consistent centralised approach to retirement advice without formally defining it as a CRP.
Looking ahead, 5% are currently developing a CRP with plans to introduce it within the next 12 months, while 1% expect to launch beyond that period. A further 7% are considering whether to develop a CRP.