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New retirement planning qualification to help advisers navigate increasing complex client needs

01 March, 2021
The London Institute of Banking & Finance (LIBF) has today launched a new Financial-planning-in retirement retirement  planning qualification for financial advisers to help them navigate increasingly complex retirement needs for their clients. The new Level 6 Financial Planning in Retirement (FPIR) covers all aspects of retirement planning, from pensions and inheritance tax to long-term care and equity release.

John Somerville, Head of Financial Services, Professional Education at LIBF says:

“Later-life planning has become increasingly complex and older clients now need a much more sophisticated level of advice.  We’re living longer, which is great news, but income in retirement has become more uncertain. More people have defined contribution pensions, meaning they have to actively manage their pension pots in retirement, and they’re likely to have income from multiple sources – including potentially from property.

“Inheritance tax, gifting, equity release and long-term care are just a few of the other things advisers and their clients need to consider. This is an expanding market, but a much more bespoke market, meaning advisers need to have more sophisticated levels of knowledge and expertise to really be able to understand individuals’ needs.

“This new qualification recognises that, and uses case studies and ‘real-life’ evidence to really bring these subjects to life. Advisers can also study this as part of an advanced Diploma, if they want to take their career to that next level.”

Industry comment

David Owen, Wealth Director at Lifetime Connect says:


“With pensions freedoms came ever greater responsibilities for the professional financial planner.  With the advent of direct to client, plug-and-play retirement solutions, the professional financial planner must stand-out and be equipped with the evidence informed knowledge and the confidence that comes with it to stand out.  I see the new LIBF level 6 qualification quickly becoming the default qualification for those who truly want to help clients as they reach retirement and enter their journey into later.”

Martin Clark, Director/Lead Tutor at MLC Associates Ltd says:

“As a profession we are entering a time when clients will begin to want to realise funds from their pensions that may have been set up over many years and also via many different scheme types.  The potential variations of income types and ways to provide an income are vast to say the least, and clients need to know that the advice they are receiving will benefit them, rather than cause them a problem down the line. A qualification that covers the ‘practicalities’ of accumulating and drawing from pensions is imperative and the LIBF look to have delivered this with perfect timing."

What the qualification covers

  •  What advisers need to consider for retirement planning
  • Assessing client’s needs and aspirations for when they want to retire
  • Examining client’s current financial position
  • Understanding cashflow tools and management
  • Considering the options for later life and inheritance tax (IHT) planning
  • Analysing estate planning
Find out more about Financial Planning in Retirement