More employers are regularly engaging with their workforce around retirement planning and future proofing their finances, offering an opportunity for the financial advisers who partner with them.
National advice firm Continuum said forming partnerships with local employers can be a win-win situation for both employers, employees, and financial advisers.
The company has spoken out to mark Pension Awareness Week, where employers are encouraged by Pension Geeks, the Department for Work and Pensions, and Money Helper to provide retirement planning education sessions to their employees.
Richard Watkins, Chartered Financial Planner at Continuum, said: “As more employers recognise their role in helping their employees approach retirement planning, it can help break down barriers. This offers a real opportunity for financial advisers to work with employers to help their workforce be in control of their finances and secure their financial future.”
He said that one of the main barriers holding back Britons from seeking financial advice is the myth it is expensive. “By partnering with employers, Financial Planners can illustrate how their methodology can guide clients to the life they want.”
The company has recently launched a workplace solution, designed to help employers provide better benefits packages and employees achieve better financial outcomes. It includes of ongoing financial awareness campaigns, in support of the employers’ pensions and other benefits being provided.
Continuum said its research found that many Brits are missing out in retirement due to leaving it too late to seek professional financial advice on their retirement planning.
Only 5% of 35-44 year olds have sought advice from an independent financial adviser about their financial preparation for retirement.
The figure increased to 10% of 45 to 54 year olds, and 21% for those over the age of 55, but by this point those who have not sought advice could have missed out on many tax breaks and other opportunities designed to help people save for retirement, the firm said.
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