Pension Advice

May 3, 2022 | Pensions

Pensions

78% of those retiring are failing to seek professional advice.

Global investment company Abrdn have conducted a survey that found that almost four out of five people taking retirement are not seeking professional advice in respect of their financial plans.

The survey questioned 2,000 retirees in the UK, finding that 78% have not taken any professional advice from finance experts as to how to manage their retirement. Nearly half (48%) also said that they were concerned about running out of money in retirement.
Three in ten (31%) said that their reason for failing to seek advice was because of the potential cost, while 19% said that it was because they believed that professional advice only benefitted the wealthy.
16% said that they simply couldn’t be bothered to put in the necessary time and effort to seek advice, with 9% saying that their lack of experience was holding them back. Differences between genders in seeking retirement financial advice.

The Abrdn study also found a gender gap, with only 19% of women having spoken to a professional financial adviser as opposed to 25% of men.
Women were also less likely to contact their pensions adviser to ask questions (9%) than men (15%).
Women were more likely to ask their partner, friends or family for advice (8%) than men (6%), but less likely to search online for advice (6%) than men (10%).

Regional variations.

As well as gender differences, the research also uncovered a disparity between regions, with those in the East Midlands the most likely to have taken professional financial advice in respect of their retirement plans (28%), followed by those in the North West (24%) and the South East (23%).
Those least likely to ask for professional help were in Wales (16%) and the North East (17%).

The importance of expert help.

Financial planning expert at Abrdn, Shone Lowe, said, “It’s alarming to see gender disparity and regional variations when it comes to seeing who is seeking advice on their retirement. As an industry we have a duty to change this by making advice accessible and demonstrating its value.”

Advice from a pensions expert can be key in maximising the benefits of your pension fund.
As well as seeking advice in respect of retirement planning, it is also advisable to ensure that you have a valid Will in place and that your estate is structured in a way that protects your assets for future generations.

Contact us

If you would like to speak to one of our expert estate planning lawyers, call us on 01252 268862 or email marie@mgfwills.co.uk

 

Or, if you’d rather arrange a face to face appointment:

Hannah Dunmall
Hannah Dunmall
04/03/2021
Verified
I would highly recommend MGF. Marie guided us kindly and professionally from the first initial phone call to the final signing. She provided an un-pressured, user friendly service, that was very personal and efficient. We were very ignorant around the whole subject of wills and lasting powers of attorney, but Marie always made us feel that no question was a stupid one, and gave her time and attention to ensure we understood all that was involved. We have peace of mind now that we have everything in order, and wouldn’t hesitate to recommend Marie.
Nicole Falleur
Nicole Falleur
26/02/2021
Verified
I found this lady's business on an online search for a local will writer / solicitor for my Mother & I to write our wills after having not so positive experiences with previous companies we'd tried & Mum preferred to relate to a lady & I found that she was in our area & the only 1 who had 100% 5* Star ratings from all her customers who'd left reviews ! So we contacted her & went from there ! 🙂 We could not have found or wished for anyone better ! She offers such a personal service & is so easy to communicate with & is very knowledgeable & goes "the extra mile", nothing seems too much trouble & despite being a very busy woman, she gives as many extra hours of her time as her clients need & she does it all at a set fee ! She does not charge extra add on, additional charges for every hour, phonecall, Zoom call, visit, paperwork she does for you, she keeps to the very competitive price she quoted at the outset, which we found most unusual & refreshingly nice & welcome & very much appreciated indeed, no hidden charges or fear of nasty, frightening financial surprises ! She is such a very lovely person, personable, natural & relaxed to deal with, competent & efficient, keeps her word & punctual, doesn't let you down. We couldn't find better & she truly exceeded our expectations & we will use her again as she offers multiple legal services as listed on her website. Thank you Marie !
Victoria Shortland
Victoria Shortland
26/02/2021
Verified
Fabulous service from MGF Wills and Estate Planning. Marie was very helpful and answered our many many questions very patiently! I felt that Marie really knows her stuff and is very reasonably priced. Highly recommended.
Mr Clive Wills
Mr Clive Wills
12/02/2021
Verified
My wife and I had Mirror Wills drawn up. Marie was very professional, friendly and excellent communication throughout. She talked us through all aspects of wills. A very straightforward process and job done promptly. Completed in a Covid safe way. We would definitely recommend MGF.
Lissy Evett
Lissy Evett
11/02/2021
Verified
My objective was to find a good and affordable Will writing service that could accommodate me in a timely manner. I found all of those things with Marie Forkner, from the MGF Wills & Estate Planning Service. Great customer service, professional, knowledgeable, and friendly. I highly recommend MGF Wills & Estate Planning Service. Excellent!
Kerry Davis
Kerry Davis
01/02/2021
Verified
Please do not hesitate in using MGF Wills. Excellent, knowledgeable service with unbiased advice and guidance. Look no further for your future planning needs. Highly recommended to anyone considering Will writing/storage etc. Wouldn’t hesitate recommending to friends and family A*.
Doug
Doug
24/01/2021
Verified
We would highly recommend MGF Wills. We had a will made last year. Marie was thorough, patient and willing to answer all our questions. There was no pressure put on us. Pricing was clear from the start. Highly recommended.
Carruthers Family
Carruthers Family
20/01/2021
Verified
Friendly advise & clear directions making completing our 1st Wills very straight forward. Have already recommended to a friend. It didn’t matter that it was all completed over the phone rather than face to face.
Mark C
Mark C
18/01/2021
Verified
Great service, competitively priced and quick turn around time. Marie explained everything clearly and was very knowledgeable. Would definitely recommend.
Mark Smith
Mark Smith
13/01/2021
Verified
Marie drew up the wills for my partner and I. She was professional and accommodating throughout the entire process. Everything was explained clearly and there was no such thing as a silly question. She even took the time to walk us through the signing process with our neighbours! We would thoroughly recommend Marie and will be using her in future if and when we need to update our wills.