Almost two thirds (60%) of advisers are seeing more clients looking to update their wills and trusts than before the Coronavirus pandemic, according to a new report.

This rise may be driven by increasing numbers of clients looking to leave bequests.

A third (29%) of over 200 advisers surveyed by Aegon said leaving savings to loved ones is an objective for all of their clients, a rise of 5% from the previous year and 10% from two years ago.

The majority (90%) of advisers said passing on wealth was a priority for at least some of their clients.

Two thirds of advisers (66%) said maintaining living standards is the top retirement aspiration for their clients.

The most common client concern was exhausting retirement savings early, with 53% of advisers saying their clients were concerned about running out of money before they die.

Delivering clients’ minimum income requirements amid macro-economic uncertainty and market volatility was among the top adviser challenges cited for this year.

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A quarter (25%) of advisers listed concerns relating to the financial markets as their top challenge for 2022. Despite the challenges, the advisers surveyed were positioned to support their clients through uncertainty.

Over a third (35%) said they have adapted their business models and processes for delivering retirement advice during the pandemic. Steven Cameron, pensions director at Aegon, said: “Some advisers note that recent market volatility and wider economic uncertainty has meant delivering on clients’ minimum income requirements has been a challenge. The research found there has been growing sophistication in the use of planning tools to support safe withdrawal strategies.

“Looking ahead, there is further uncertainty about the economic outlook, with prices soaring and interest rates low albeit slowly rising. Advisers will have a key role in assessing how this could impact their clients’ ability to meet income requirements, and potentially adapt their strategy accordingly.”

Aegon and Next Wealth surveyed 212 financial advisers in December.

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