- Monday, 24 August 2009Consumers who are unable to regularly communicate with an independent financial advisor (IFA) risk losing essential advice on their retirement savings.
Consequently, the number of people that find themselves in financial difficulty in the future could rise, with an increase in the take-up rate of
individual voluntary agreements (IVAs) a potential by-product.
According to AXA Winterthur Wealth Management, regular communication between consumers and financial advisors is "key" to the healthy maintenance of a pension fund.
Figures indicate that 71 per cent of IFAs believe frequent discussions with clients optimise a pension plan's usefulness.
Mike Morrison, head of pensions development at AXA Winterthur, said: "In the current climate clients need more reassurance and advice than ever before; this is an ideal time for advisers to rebuild consumer confidence."
The default retirement age is due to be reviewed by the government in 2010.
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