We watch, think and then share our perspectives on our clients’ markets’ to continuously give them another angle on what’s ahead

We act as an extension to our client’s internal insight teams – providing a commercial sounding board within and between projects

Our Published Work

Our Perspectives

PLSA

Our summary and perspective on the Pensions and Lifetime Savings Association report on the Retirement Living Standards designed to empower people to better understand the cost of living in retirement and offer an innovative approach to helping savers engage with their pension. 

Smart Comms

We note the increasing importance afforded to engagement among our financial services clients. We have learnt that what this really means is understanding how the message, its frame and context contribute to the end result. So we’ve developed the Big Window®‘s communication research framework to help our clients use behavioural science to design smarter comms and drive better outcomes

Investment Pathways

As a result of the FCA’s Retirement Outcomes Review (ROR), the FCA has set out the introduction of drawdown investment pathways and changes to drawdown annual statements

We explore the implications for defined contribution drawdown providers of having to offer non-advised consumers investment pathways from August 2020

ESG

We explore the impact of ESG on the advice process and some of the challenges this raises for advisers. We look at ways in which providers can offer practical support aa well as headlining the opportunities for advisers moving forward e.g improving the relationships they have with their clients, adding value that is not dependent on investment performance and linking the opportunities of ESG to the moves towards a more rounded role for the adviser through financial well-being

Our Recent Views

Our own research confirms that people simply aren’t preparing for long term care. They need to be encouraged and helped. We have proposed that later life planning should be treated as a financial priority - with greater integration of LTC into retirement planning, so talking about it, taking advice and planning for it becomes the ‘norm’

The report found many individuals will struggle to fund social care in later life using their pensions. It called for government to expand the existing auto-enrolment framework so that it covers long-term care savings

A comprehensive new report warns the point of no return for the elderly care crisis is less than 10 years away

A recent report Elderly Care Crisis: A Tipping Point, by the Centre for Economics and Business and Irwin Mitchell issued a stark warning - unless social care funding is addressed as a priority the elderly care system will collapse by 2029

“Almost no-one
has planned for long-term care and there are no incentives for private individuals to set aside funds to meet later life care needs”

– Baroness Ros Altmann,
former pensions minister

Schroders has launched a weekly live broadcast, dubbed SchrodersTV, that clients can hear from and speak to. "In times of high economic volatility and with a limited ability to see all our clients, our focus remains on providing timely and comprehensive insights from our teams to help advisers and their clients make more informed decisions”

Quilter Financial Planning has produced a Coronavirus Hub, which houses materials to support its advisers and their clients. "This includes guidance on how they can deliver advice remotely, both by certain approved video functionality or by telephone, and client facing materials"

Creating a positive narrative - 3 good examples of crisis communications

SJP are mailing puzzles to clients. “We are reaching out to those clients who are on their own, they're bored, they're stuck, we've got clients who haven't got family around them so they haven't got a support network to engage with. For some of those guys, it's just simple stuff, like sending out some puzzles and just saying, ‘we're thinking of you and we're there for you'"

This is a fast-moving situation, getting in touch to reassure prospects and clients, and ensuring your business is well-positioned for when the pandemic subsides are all hugely important

Humans hate uncertainty, so it’s likely that many of your clients are feeling anxious. In the current crisis, clients are more likely to engage with your communications than ever

'No middle ground' for communication

Over the coming weeks and months, it might be tempting to cut back on newsletters and ad hoc communications to save money or preserve resources. That could be completely the wrong thing to do

“How you
communicate in the
coming weeks and months will either enhance your reputation or significantly damage it“

– Bray (Yardstick report)

That financial advisers are not engaging more proactively with younger investors is a concern. This suggests they need more support to help them adequately prepare for wealth transfer, including a different range of products, services, investment options and skills to advise the next generation and also manage family conversations

• 90% of advisers have clients with an age profile of over 50
• 79% view the impact of wealth transferring between generations as an opportunity
But, only 20% of have a differentiated service proposition to target younger investors and to retain inherited assets  (Schroders 2019 Annual UK Financial Adviser Survey)
And 58% think their client heirs will choose not to retain their services once their client passes away (CoreData 2020)

Intergenerational wealth transfer is an opportunity, yet many advisers expect to lose more than half of next gen clients


Advisers tell us that they recognise intergenerational wealth transfer as an opportunity to maintain and increase their business value, however a large percentage are not actively engaging with this: 

Five priority areas to help people make the most of their money and pensions:
• Financial foundations: helping 6.8 million young people get a financial education - a rise of 2 million from 2019
• Nation of Savers: getting 16.7 million working age people ‘who are struggling and squeezed’ regularly saving
• Credit Counts: 2 million fewer people relying on credit to pay for food or bills
• Better Debt Advice: 2 million more people getting the debt advice they need
• Future Focus: helping 28.6 million people plan for their later lives

The Money and Pensions Service (Maps), sets out its ten-year strategy as it aims to become a ‘catalyst for a financial wellbeing movement’

Why is a strategy needed?
Poor financial wellbeing has a knock-on effect for our health
11.5 million have less than £100 in savings to fall back on
9 million people often use credit to pay for food and essential bills
22 million people say they don’t know enough to plan for their retirement
5.3 million children are not getting a meaningful financial education

As part of its strategy, Maps has set out five goals it wants to reach by 2030

The importance of financial wellbeing is under-appreciated. It is not only about financial capability but also feeling secure, in control, confident and empowered in relation to money. It is central to personal wellbeing and thus to living a contented life
– Hector Sants, chair of Maps

‘Social distancing’ has put to an end to most face-to-face interactions
and provided many in this older age group with the impetus to trial and then optimise their use of the Internet. Our experience is that companies can really help their older clients make these trials a positive experience and ensure they persevere by focusing as much on self-efficacy as information

This fits with our work on behaviour change and with the key 50+ market in particular. It tells us that us whilst information and education is always necessary it is not always enough – building self-efficacy is the key

More ‘Zoomer’ than ‘Boomer’ as social distancing acts as the catalyst for older people to fully embrace the internet

1 in every 3 aged 65+ don’t use the Internet (UK, ONS. ‘19)
Boomers and their seniors are typically considered ‘technophobic’; but we agree with the Centre for Better Ageing that confidence is as important as ability in deterring older people from using technology

“There are many older
people who have been online and have all the kit at home, but lack the skills and confidence to use it effectively. The biggest barrier for most is that lack of confidence or self-efficacy – the belief that ‘I can do it’”

– Jemma Mouland,
Centre for Ageing Better

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