Are you looking for ways to future-proof your business and build your client bank?
With £5.5 trillion expected to pass to the next generation in the UK in the next 30 years1, perhaps the solution lies in your existing client bank - or more specifically, your clients’ children or grandchildren.
2018-based National Population Projections, Office for National Statistics (ONS), published 21 October 2019.
Providing family-level planning to your clients gives you the opportunity to build your client bank and generate additional income for your business.
Research has shown that:
Contributing into a pension on behalf of a child or grandchild is a great way to reduce IHT for your client's estate - it gives the recipient a pension for the future and creates an opportunity for you to develop relationships with family members and build up your client bank.
Read our case studies 3rd party contributions - saving for future generations part 1 and
3rd party contributions – saving for future generations part 2 to find out more.
Here’s some tips on how to engage with beneficiaries:
To find out more about intergenerational pension planning and the opportunities for you and your business, speak to your usual Royal London contact.
1 Passing on the Pounds report, Kings Court Trust, 2017.
2 Intergeneration advice: Seizing the opportunities presented by wealth transfer, Brooks MacDonald, May 2019.
3 The Great Wealth Transfer, Octopus Investments, January 2019.