These 4 in 5 Financial Planners ask clients about what gives their life meaning and purpose as part of their fact find, and have discussions around what will bring them happiness in retirement, according to research by Aegon.

Financial Planners also told the pension and investment provider that they increasingly expect their role to extend further into “retirement coaching” and become less focused on solely dealing with products and investments choices.

The ability to maintain living standards in retirement was the top client aspiration named by the Financial Planners surveyed. Four in ten (39%) Financial Planners said this was the hope for the majority of their clients.

Maintaining good health and longevity was also important for clients. Nearly all Financial Planners surveyed (99%) said their clients are concerned about their health or that of loved ones. Alongside this were fears around the ability to pay for potential long-term care costs in later life.

Tom Morris APFS, director and Chartered Financial Planner at Ovation Finance, said: “Being able to find things that give us meaning, a sense of purpose and happiness in general, goes a long way to helping us live fulfilled lives.

“Working out what this is doesn’t necessarily come easily for some and is where an adviser with good questioning and listening skills can be a huge help. Coupled with the technical skills we have; you can then create a meaningful financial plan that enables a client to live a fulfilled life, as well as providing crucial reassurance along the way.

“If there is still some difficulty in finding the answers, research suggests that a good starting point is thinking about areas such as improving our social interactions, with friends and family for example, as well as getting involved with the local community in some way.” 

Aegon and Next Wealth conducted the research with 212 Financial Planners in December 2020.