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The limitations of financial advice

Phil Farrell, Partner, discusses how savers need to shift their mindset from one that focuses on the present to one that takes a more considered, long-term view.…

Phil says: As with most things in life, there is rarely a single, unequivocal answer to a pensions issue such as how to prepare for retirement. The other factors preventing us from navigating a clear and simple path to the later life we desire are our own personal biases.

This lack of clarity and the effort required to confront potentially unpalatable truths inevitably lead to apathy and a less-than-optimal outcome.

Does delegation of retirement to better-qualified advisers solve this problem? Should we simply be told what to do and when to do it? The answer is no.

The saver apathy that prevented millions from joining their employer’s pension scheme is working as a force for good under the automatic enrolment regime, but we should not rely on inertia.

Read the full article here