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
Edgar, Stenberg and McQueen (Aviva). International Journal of Market Research, 2013.
Edgar, Bunker, Cowan (BBC) ESOMAR Conference papers, 2014.
Edgar and Sudbury-Riley (University of Liverpool). Journal of Advertising Research, 2016.
Edgar and Bunker (BBC). International Journal of Market Research, 2013.
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.
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
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
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 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
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"
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
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
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)
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
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
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
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