UK - Nearly three-quarters of IFAs do not believe that Green Paper reforms will increase retirement savings, a survey by The Exchange shows.
The software and services provider found that 72% of IFAs were sceptical about the Green Paper.
But the government’s biggest concern will be IFAs’ overwhelming rejection of its two cornerstone initiatives – selling simple and comprehensible products and the need to get people to start saving for their retirement.
More than three-quarters of IFAs (77%) did not expect to sell the much-vaunted “Sandler suite” of stakeholder products. They claimed there were insufficient incentives to make them “worth their while”.
In addition, 80% of those surveyed supported a mutual fund to provide for professional indemnity cover as many IFAs are struggling to get protection.
The Exchange also found that 54% still advise clients that with-profits are a safe form of investment.
This week's edition of Professional Pensions is out now.
Ben Gunnee reflects on 2018 and talks about the Fiduciary Management trends to keep an eye on in 2019
Lloyds Banking Group secured 630,000 new pension customers last year, according to its 2018 annual results.
Guy Opperman has rejected calls to speed up changes to auto-enrolment (AE) despite increasing pressure to boost contribution rates and overall savings pots.