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“…a successful retirement involves more than just money – there are some things that money can’t buy such as being healthy and having realistic expectations of what lifestyle can be achieved,” he said. “Advisers that understand the types of risk specific to retirees, the fears and challenges they face in retirement, how their needs differ from accumulators, and the strengths and weaknesses of different retirement investment strategies, will be best placed to help their clients throughout their retirement.” Dinham noted the research paper, ‘Building Better Retirement Futures’, outlined and looked at the pros and cons of different strategies advisers could use with retiree clients such as keeping the same strategy as in accumulation phase, transitioning to a more conservative asset allocation, simple bucketing, more complex bucketing, or income layering. ....
“Super was geared up for savings and accumulation and not decumulation and retirement and this is the same for the framework regarding retirement products. “A lot of strategies that planners think about are around accumulation and not the bit that comes after. That’s not to say that advisers are not doing a good job but it’s a bit unstructured.” Dinham noted that the CFP was a high-quality professional qualification as it was detailed and thorough but retirement investing was not covered in detail. “We did a survey of what people do in terms of their retirement investing framework and we found a whole variety of frameworks being used such as bucketing and conservative allocations. There were about five or six different frameworks for retirement investment advice,” he said. ....
Achieving a better risk result for retirees By Richard Dinham 15 December 2020 Helping clients plan for retirement and build their savings is a significant component of financial advisers’ role. And the benefits that financial advice can give to clients as they move into retirement have been recognised in the recently published Retirement Income Review. But equally as important is the need to continue assisting people to navigate their financial needs after they enter retirement – a period that may last 25 or 30 years. Retirees tend to view the world very differently to accumulators. As a result, this cohort of clients is likely to require different approaches compared to accumulator clients. Financial advisers may need to use new strategies and thinking to best help them. ....