A report by the Association of Independent Financial Advisers (AIFA) revealed that there will be a 22% increase in retirees between 2011 and 2012 alone.
AIFA found that 30% of IFA clients were either in partial retirement or were planning to retire in the next two years.
However, only a few adviser firms had a specific offering for the retirement market and AIFA called on advisers take advantage of the opportunities available.
Andrew Strange, director of policy at AIFA, said: “The decisions that consumers make at this time are vital and have long-term implications for their future wellbeing. Four out of ten clients at retirement are new to adviser firms, which presents a significant opportunity for advisers to seek out new clients.”
The report highlighted that adviser firms could enhance their services in the market by starting discussions around income requirements and funding at an earlier stage, looking at potential future requirements and discussing areas which are not always covered, including state benefits.
Strange added: “”Retirement for most, will be a 20 year journey, not a single event, and many consumers will need access to advice throughout. IFAs are well placed to provide this sort of information.”
