Advisers need to involve families in retirement planning – Scottish Widows
26% said adult children were not involved in financial planning, while 21% of advisers said beneficiaries did not take part in annual reviews.
More than half (52%) of advised individuals and advisers said only one partner regularly attended financial review meetings, research from Scottish Widows and NextWealth found.
More than a quarter (26%) said adult children were not involved in financial planning, while 21% of advisers said beneficiaries did not take part in annual reviews.
More than half (51%) of clients held the adviser relationship in their name only.
Among couples, 37% said they tried to attend meetings together but usually only one partner took part.
10% always attended alone and updated their partner afterwards.
One in five advisers (20%) were not confident they understood the goals of their clients’ partners.
Only 3% of advice firms had a formal process for engaging secondary partners.
Most clients were satisfied with their adviser, with 86% saying they would recommend them.
However, 19% did not feel recognised as an individual and 48% said their adviser sometimes used terms they did not understand.
Jenny Davidson, intermediary wealth director at Scottish Widows, said: “Research points to the fact that advice can no longer be a one-person conversation.
“Excluding partners and family members risks weaker outcomes today and broken client relationships tomorrow.
“There’s a lot at stake here. Women are set to be the major beneficiaries of an estimated £7 trillion transfer of wealth over the next 30 years.”
Davidson added: “Meanwhile, changes bringing unused pensions into scope for Inheritance Tax from April 2027 will make conversations across generations even more important.
“Advice firms that adapt their approach and engage partners, beneficiaries and wider family members earlier will be better placed to understand their clients’ needs, deliver stronger outcomes and build relationships that endure as wealth passes between generations.”
Related
200 advisers graduate from St. James’s Place Financial Adviser Academy
More than 34 million adults face uncertain retirement, Scottish Widows finds
Housing wealth should form part of mainstream retirement planning – Fairer Finance
Seven in 10 advisers plan to increase use of smoothed funds over the next year – Wesleyan
Advice firms target 17% growth despite challenges, research reveals
Aviva launches digital trust management and death claim notifications for advisers
Financial education offers advisers opportunity to engage next generation – Continuum
Advisers back AI for admin but favour human oversight of client money – GBST
23% of SMEs at risk of folding within a month if they lost a key employee – Scottish Widows
More than nine in 10 advisers say lead generation is vital in 2026
Scottish Widows launches pension tracing tool as lost pots top £31bn
