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 to help save 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.