Report reveals property wealth is important to retirement planning


A recent research project has uncovered that around 93 per cent of financial advisors (FAs) based in the UK believe that property wealth must be considered when conducting income planning for retirement. The study also revealed that nine out of every ten UK advisors believe that any retirement advice given should specifically include property related wealth.

Each advisor surveyed confirmed that they collect housing assets information as part of their process of analysing a client’s wealth. Wealth management in Chester and other companies in the UK take a holistic approach to providing financial advice compared to other FAs, considering a wider number of factors when assessing an individual’s income and estates.

Approximately 50 per cent of advisors responding referred their clients to an external resource for guidance on home equity release, while 31 per cent did not consider the issue of home equity whatsoever in their assessments.

The data gleaned also showed that a third of advisors believe that financial advice firms could offer solutions regarding home equity, but have not, and 17 per cent are under the impression that no integrated solution currently exists.

Industry experts commenting on the data stated that property wealth should now become a focus for all financial advisors when they are helping their clients prepare for the future. This comes especially in light of the FCA Consumer Duty and thematic review for retirement income, which make property wealth even more relevant to advice provided by FAs and wealth managers.

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