Investment platform and advisory company Hargreaves Lansdown has launched a flat-fee retirement planning service for those unwilling or unable to pay for full financial advice.
Hargreaves Lansdown launches retirement planning service
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Investment platform and advisory company Hargreaves Lansdown has launched a flat-fee retirement planning service for those unwilling or unable to pay for full financial advice. Charging £395 plus VAT, the HL Retirement Planning Service aims to scoop up some of the hundreds of thousands of people set to retire each year who might want personalised advice on how best to set up their retirement income arrangements, but are unwilling or unable to pay the estimated industry standard of around £1,000 for retirement advice. Customers will start the process by completing a questionnaire, followed by a printed report and an hour's phone conversation with an HL adviser. The report will contain summaries of the main issues for the investor to consider and includes a prediction of cash flow in the future. 'Sense check' However, although the service counts as financial advice, it stops short of giving customers a specific personal recommendation - which specific products to invest in, for example. The adviser will give customers a 'sense check' of their plans, and help them decide which mix of options to use. "The pension freedoms have fundamentally changed the pension system, overturning many established conventions around how and when investors draw on their retirement savings,' says Hargreaves' head of pensions research Tom McPhail. "The Pension Wise service provides investors with an invaluable introduction to the key issues they need to think about. The HL Retirement Planning Service takes investors a stage further than Pension Wise, walking them through the issues they need to consider when setting up their retirement income."
Source Moneywise http://ift.tt/1HfXRXm
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