Baby Boomers lacking financial guidance and confidence

According to recent research by a leading insurer, there is now a significant shortfall in the number of financial advisers available to service the growing number of “baby boomer” clients at or approaching retirement.

These findings come as another insurer published a survey which found that 40% of UK adults were not confident in managing their finances themselves and 19% of consumers intended to seek advice for the first time to ensure they have a sufficient income for retirement.

Following the introduction of retail distribution review in January, the number of advisors has reduced but those who remain are better qualified and also fees for advice are now much more transparent, so good news for clients.

However as people are living longer, coupled with a background of low interest and annuity rates, financial planning to help secure sufficient retirement income has never been so crucial. Andy McLaughlin from Astute Wealth Management Ltd of Longridge said: "Financial advice from a qualified professional can not only help to maximise your investment decisions, but proper use of tax efficient savings vehicles can also help to boost your overall income."