A growing number of retirees are finding their pension pots, and the annuity they can purchase, cannot meet their income needs throughout retirement, said Bridgewater Equity Release.
Chris Prior, business development manager at Bridgewater Equity Release, said: “Many financial advisers, planners and wealth managers will be regularly dealing with clients who have been left unhappy with the potential retirement income they can generate from an annuity.”
The group has published a new sales aid – ‘what if the annuity isn’t enough’ for advisers and introducers. The aid is paper based or available online.
The aid stresses the importance of building strong relationships between accountants, solicitors, IFAs and specialist equity release advisers to ensure clients can meet any shortfall in their retirement incomes.
Prior added: “Pension pots and annuity rates are not providing the income many retirees anticipated and media coverage of this is sending clients to their financial advisers to address this problem.
“There will be any number of different solutions to such an issue and this sales aid is designed to highlight the role that equity release can potentially play. Many of these advisers will not have their equity release permissions and therefore it makes sense to use the services of a specialist adviser in this area in order to cover the sector and the options it offers.”
