On paper, today’s retirees are the wealthiest retired generation yet. However, their greater overall wealth almost always includes illiquid assets, and the fact that any savings and investments are producing low yields means that generating a sustainable income to fund their retirement presents a significant and growing challenge.
With the number of retirees set to rise and life expectancy increasing faster than retirement age, the combination of more people with a growing problem presents serious challenges for the U.K. economy and significant opportunities for the wealth management sector.
A wealth management advice gap has long been acknowledged yet remains a perennial problem. In this Executive Insights, London partners Eilert Hinrichs and Ashish Khanna identify the key challenges that need to be addressed in order to fill the wealth management advice gap and explain why the time for action is now.