Naturally, as many sectors have found, this adoption of newer tech practices has proven incredibly beneficial for the industry. Certainly, the change in working practices has been positive for both advisers and consumers as access to financial advice becomes more readily available to retirement planners.
To a large extent, remote practices of delivering advice has ensured a more efficient and streamlined approach to the financial advisory process, while improving wider national accessibility.
An individual could now have a meeting with an adviser on the opposite end of the country without needing to consider time and effort required to travel to a face-to-face meeting.
And, with the process now simplified, those who are put off by lengthy financial planning procedures may be more inclined to seek advice.
Client attitudes toward the switch have been favourable. According to Unbiased, one survey found that 73 per cent were happy to receive financial advice remotely, and of these, 34 per cent favoured a blended approach, consisting mainly of remote advice with an element of face-to-face where this was called for.
Future improvements in tech
Aside from increased efficiency, advances in tech-based solutions coupled with independent financial advice have the capability of boosting client engagement in their savings and investments.
Indeed, one obstacle for advisers is getting people to attend regular reviews to discuss their retirement plan, which for those who do not plan to retire for some time, may feel unnecessary.
In these cases, a lighter tech-based approach utilising online apps, booking systems and instant chat services would actively encourage engagement from savers across all age ranges.
The significant advantage of such platforms is the ease of accessibility.
Advisers can maintain simple communication through email to provide updates to confirm if clients are on track to meet their retirement goal or provide information on topics of interest such as investment opportunities.
Not only does this mean better access to savings, but it ensures a close relationship between clients and advisers.
Additionally, as this hybrid of tech-based solutions and independent financial advice progresses and becomes more commonplace in the industry, it will lower the cost of advice and make it more accessible to the masses.
Efforts from the government to make pensions more accessible for savers are, of course, welcome.
After all, everyone should be entitled to developing a strong retirement strategy that suits their needs and any move to facilitate this is admirable.
That said, product-based solutions will bring nothing but inauspicious results considering their lack of tailored advice.
Only a combination of independent financial advice and evolving tech-based solutions can ensure accessibility and guide people towards the retirement outcomes they deserve.
Andrew Megson is executive chairman of My Pension Expert
