Who’s Threatening Your Retirement?
Successful professionals are dependent on their own savings to fund their retirement: they don’t typically have guaranteed, index-linked pensions. They face a significant challenge in organising and overseeing the process of drawing down capital, quite different from when they were saving.
From this seminar, attendees should gain a better understanding of ways in which agents may directly or indirectly reduce their retirement spending and cause them to look back with regret.
Conflicted managers: As long as managers charge asset-based fees, the more you spend or gift, the less they earn. And the wealthiest clients subsidise everyone else.
‘Restricted’ advisers: Managing drawdown relies on financial modelling skills and technical knowledge of tax and pension rules, not just investment expertise. The FSA’s Retail Distribution Review has driven most high-end wealth managers to go ‘Restricted’, which may mean they can only offer investment instead of the necessary breadth of functions.
Over-charging firms: With all-in costs (as now being revealed by the FSA’s Retail Distribution Review) adding up to as much as 3% pa, your advisers stand to enjoy your retirement as much as you!
The tax man: Pension tax is becoming increasingly complex and vindictive for the wealthy. New cuts to both the annual and lifetime allowance leave a shrinking amount of tax free cash. You may need to take action now.
Medics: With medical science keeping more of us alive for longer, a drawdown plan needs to deal with the risks presented by a longer, but not necessarily healthier, retirement.
You: ‘The investor’s chief problem – possibly even his worst enemy – is likely to be himself’ said Benjamin Graham, author of one of the best-selling investment books ever. More than 50 years after he wrote it, individual investors are still over-confident in themselves and in the professionals they delegate to.
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