Paul Mitchell | Financial and Retirement Planning Coach
Find him here at: Your Smart Retirement Coach
The Stark Reality: Most People Can’t Access Financial Advice
The financial advice industry faces a critical challenge that’s leaving millions of British savers in the dark about their retirement planning. New research reveals a troubling stagnation: only 9% of the population has ever paid for financial advice, with this figure remaining unchanged over the past two years.
This isn’t surprising when you consider the barriers facing ordinary savers. The typical financial adviser’s new client has assets worth over £411,000, with an average age of 59. For most working people building their retirement pots, these figures represent a distant dream rather than their current reality.
Consumer Duty: Protection or Prohibition?
While Consumer Duty was designed to protect consumers, it’s inadvertently created new obstacles for those who need guidance most. Research shows that 63% of financial advisers now find it harder to serve clients with smaller asset bases, with half having stopped serving certain clients entirely.
The harsh mathematics are simple: when advisers charge £150-300 per hour for regulated advice, it becomes economically unviable to serve clients with modest savings. A comprehensive retirement review might cost £2,000-5,000 – a significant chunk of someone’s pension pot before they’ve even started optimizing it.
The Missing Middle: Where Retirement Coaching Shines
There’s a vast underserved population sitting between basic online calculators and expensive regulated advice. These are people who:
- Have pension pots between £50,000-300,000
- Are 10-20 years from retirement
- Need guidance, not just generic information
- Want to understand their options without committing to expensive ongoing fees
- Require education about pension consolidation, tax planning, and retirement income strategies
This is where professional retirement coaching becomes invaluable.
A Smarter Approach: The Coaching Pathway
Retirement coaching offers a compelling alternative that bridges the advice gap intelligently. Unlike regulated financial advice, coaching focuses on education, planning, and empowerment rather than specific product recommendations.
What Retirement Coaching Provides:
- Pension Health Checks: Understanding what you have and where it’s invested
- Retirement Income Modeling: Exploring different scenarios and timelines
- Tax Planning Education: Learning about allowances, drawdown strategies, and inheritance planning
- Goal Setting and Action Planning: Creating clear steps toward your retirement objectives
- Ongoing Support: Regular check-ins to keep you on track
The Cost Advantage: Professional retirement coaching typically costs £100-200 per session rather than thousands for comprehensive regulated advice. This makes quality guidance accessible when you need it most – during your wealth-building years.
The Perfect Stepping Stone Strategy
Smart savers are discovering that retirement coaching serves as an ideal preparation for eventual regulated advice. By working with a coach first, you:
- Maximize Your Learning: Understand the fundamentals before paying premium prices
- Organize Your Affairs: Consolidate pensions and clarify your goals
- Build Your Pot: Implement strategies to grow your assets toward advice thresholds
- Prepare for Regulated Advice: Arrive at an adviser’s office informed and organized, reducing costs
Think of it as the difference between hiring a driving instructor for every journey versus learning to drive first, then using professional services for complex routes.
Ready to explore if retirement coaching is right for you? Book your free 15-minute discovery call – no cost, no obligation, just clarity on your next steps.
Real-World Impact: The Numbers Don’t Lie
Consider Sarah, a 45-year-old teacher with £85,000 in various pension pots. Traditional advisers won’t touch her case – it’s below their minimum thresholds. But three coaching sessions helped her:
- Consolidate 4 pension schemes saving £900 annually in fees
- Increase her contributions by 3%, adding £106,000 to her projected retirement fund
- Understand salary-sacrifice benefits, saving £1,200 annually in tax
- Create a clear 20-year plan for reaching financial advice thresholds
Total coaching cost: £450. Total value created: hundreds of thousands of pounds.
The Industry Needs to Wake Up
While advisers debate targeted support and digital solutions, millions of savers remain stranded. The current system serves only the wealthy, leaving everyone else to navigate complex pension rules alone.
Professional retirement coaching fills this gap beautifully. It’s regulated appropriately, cost-effective, and educational rather than transactional. Most importantly, it creates informed consumers who eventually become ideal clients for regulated advisers.
Your Next Steps
If you’re among the 91% who’ve never paid for financial advice, you don’t have to wait until you’re 59 with £400,000+ in assets. Professional retirement coaching can help you build toward that position intelligently and affordably.
The retirement advice gap isn’t just an industry problem – it’s your opportunity to take control of your financial future without breaking the bank.
Ready to bridge your personal advice gap? Book your complimentary 15-minute discovery call today. No cost, no obligation – just expert insight into your retirement planning options.
Professional retirement coaching could be the smartest investment you make in your financial future. Let’s explore how together.
Don’t let the advice gap leave you behind. Professional retirement coaching offers the guidance you need at a price you can afford, creating the foundation for a secure financial future.
Take Action Today: Book your free 15-minute ZOOM discovery call and discover how retirement coaching can transform your financial future – no cost, no obligation, just clarity.
Disclaimer:
This article is for educational purposes only and does not constitute regulated financial advice. Pension and investment rules can change, and their benefits depend on your individual circumstances. Always seek FCA-regulated independent financial advice for specific investment decisions, pension transfers, or product selection. As a retirement coach, I provide strategy and education but refer clients to qualified FCA-regulated advisers when regulated advice is required.
About the Author
Paul Mitchell is a dedicated Financial and Retirement Coach (Qualified To Chartered Financial Planner status) with over 35 years of experience in financial services. Through Your Smart Retirement Coach, he helps clients build confidence in their financial future and create fulfilling retirement lifestyles. As a retirement transition coach, I’m committed to empowering investors with knowledge, perspective, and strategic support.
Book a free 15-minute consultation to start your journey toward financial clarity.
