Complex Families, Complex Finances

Understanding the complex demands on your client's finances

Our research¹ in partnership with forecasting specialists Trajectory, identified five retirement journeys for future clients. These were segmented based on key aspects of clients lives now, such as health and income. One of the retirement journeys expected to grow significantly in the next 15 years is Complex Families, Complex Finances representing future growth opportunities for advisers.

This segment accounts for a third of those over 60 and is up from a quarter compared to a decade ago. Their wealth and comfort is challenged by the financial implications of a complex family, demands on their finances such as divorce, caring for elderly relatives and second marriages.

This group offers interesting opportunities for advisers because of the complexity involved. They need the support of financial advice to provide some level of security for now and the future.

The changing shape of retirement series

In our first eBook of the series we explore the Complex Families, Complex Finances group. We reveal how advising these clients can help grow your business.

Inside the eBook:

• How to identify these clients and ask the right questions
• Deeper insight into the needs of this group and how this translates into added value service
• The client journey represented in our handy case study

Expert insight is provided by Andrew Tully, Technical Director, who reveals the challenges this group face and how to turn these into opportunities.

What does this mean for advisers?

Currently, ‘Complex Families, Complex Finances’ may not be the normal focus for financial advisers. Commonly it would be the segment we refer to as ‘Financially Mature and Stress Free’, people who hold savings or other sources of wealth which require financial advice.

However, based on our research it’s expected that the ‘Financially Mature and Stress Free’ segment will decrease over the next 15 years, whilst ‘Complex Families, Complex Finances’ are expected to increase. This means advisers will need to start adapting or increasing focus on this segment to remain competitive and relevant.

We’ve looked deeper into ‘Complex Families, Complex Finances’ and provided an in-depth insight into the challenges this segment face, along with providing ways advisers can adapt their advice and solutions for this group. 

Discover more 

_{1. Source: Research for Canada Life was conducted in partnership with Trajectory, a strategic futures consultancy. It uses horizon scanning to identify the key trends shaping retirement now and in the future (to 2035), to identify a series of new models of retirement or journeys through later life.}