Later life advice boom is 'changing financial services'

28 September 

  • Enquiries about long-term care and lasting power of attorney surge as more clients address the risks of cognitive decline
  • Nearly half of advisers have changed processes to prevent regulatory issues

Advisers are seeing a surge in enquiries about later-life finances and are reshaping their businesses to address client concerns, exclusive adviser research from Prudential1 shows.

Its nationwide study found 86 per cent of advisers have seen an increase in demand for advice on later-life planning in the past year..

About 43 per cent of advisers questioned say enquiries about long-term care have increased while 37 per cent say they are now being increasingly asked for support with setting up Lasting Power of Attorney (LPAs), while more than a third (34 per cent) as have been  asked for financial advice about coping with physical and mental impairment in later life.

The increase in enquiries about later life planning is driving major changes in how advisers run their businesses, the study found. Nearly half (45 per cent) say they have put in place processes to avoid potential regulatory issues while 32 per cent are considering doing so.

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