maybe there is an i in team?
TRANSCRIPT
Maybe there is an “I” in team?
T h e e n d o f D e f i n e d B e n e f i tP e n s i o n p r o v i s i o n
A g r e a t e r s h i f t o f r e s p o n s i b i l i t yf r o m e m p l o y e r s t o e m p l o y e e s
Source: “Life after work” study by HSBC, J.P. Morgan Asset Management.
This is not just a problem for the UK
A love hate relationship? LISA vs Pension
The rise of the individual investor
6
Which strategies reduce path dependency risk whilst still meeting the objective?
-200,000
-
200,000
400,000
600,000
800,000
1,000,000
1,200,000
0 5 10 15 20 25 30 35
Balanced Income Median Balanced Income 10% Downside 50/50 DBF/SIF Median 50/50 DBF/SIF 10% Downside
Ass
et
Va
lue
(£)
Probability Funnel of Remaining Assets Over Time
“We always overestimate the change that will occur in the next two years and underestimate the change that will occur in the next ten.
Don't let yourself be lulled into inaction.”
- Bill Gates
L o o k h o w f a r w e ’ v e c o m e a l r e a d y
“ R i g h t n o w , a M a s a i w a r r i o r o n a m o b i l e p h o n e i n t h e m i d d l e o f K e n y a h a s b e t t e r m o b i l e c o m m u n i c a t i o n s t h a n t h e p r e s i d e n t d i d 2 5 y e a r s a g o .
I f h e ’ s o n a s m a r t p h o n e u s i n g G o o g l e , h e h a s a c c e s s t o m o r e i n f o r m a t i o n t h a n t h e U . S . p r e s i d e n t d i d j u s t 1 5 y e a r s a g o . ”
Peter Diamandis
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T h e w o r l d i s c h a n g i n g r a p i d l y
I n t h e f u t u r e w e w i l l h a v e d r i v e r l e s s c a r s …
A n d c o n s u l t a n t s w i l l l o o k l i k e t h i s
This is where our focus needs to be
W h e r e a r e y o u o n y o u r s a v i n g s j o u r n e y ?
We need to spend more time thinking ahead
Empower individuals to make good decisions
… b y f o c u s i n g o n t h e f u t u r e
Are you stuck in the slow lane?
T h e t e c h n o l o g y i s a l r e a d y h e r e
And it’s being adopted across industries…
People’s behaviour will change
As financial technology becomes more and more personalised
Consultants will help people reach their goals
We need to boldly look to the future
W h y w o u l d n ’ t y o u o f f e r a p e r s o n a l i s e d s t r a t e g y ?
Training sessions
Targeted e-mails
Personalised Hand-Outs
W h y w o u l d n ’ t y o u p r o v i d e p e r s o n a l i s e d e n g a g e m e n t ?
Individual data
O n e s i z e d o e s n ’ t f i t a l l
0% 10% 20% 30% 40% 50% 60% 70%
Risk Path 1
Risk Path 2
Risk Path 3
Risk Path 4
Risk Path 5
Risk Path 6
Risk Path 7
PERCENTAGE OF EMPLOYEES
RIS
KLE
VEL
Clear divergence
I n t h e f u t u r e , c o n s u l t a n t s w i l l h e l p y o u r e a c h y o u r g o a l s
T h i s h a s a r e a l e f f e c t o n p e o p l e ’ s l i v e s
Opening Middle End
Rob’s ISA Wife’s ISADaughter’s JISA Dad’s ISA Mum’s ISA
Rob’s Pension
Life insurance
Tara’s Pension
Trusts
Dad’s
Pension
Mum’s
Pension
Consultants need to adapt or die…
