CRP Report 2022: Can centralised processes help advisers deliver personalised client outcomes?

4 min read 30 Mar 22

Introducing our third annual survey on Centralised Retirement Propositions (CRPs), researched for us by NextWealth. 

Helping individuals generate a sustainable and reliable retirement income has always required a special set of advisory skills. But the current climate has taken the challenges facing retirees (and their advisers) to an intensity that hasn’t been experienced for 30 years. 

Widespread geo-political tension, ensuing market volatility, and the spectre of double-digit inflation have made expert retirement advice more valuable than ever. But the task facing advisers can equally feel more daunting. 

Against this backdrop, this third annual survey on Centralised Retirement Propositions (CRPs) feels especially relevant. 

  • To what extent are adviser firms across the UK choosing to ‘centralise’ their retirement advice process?
  • What elements feature (and don’t feature) in a CRP? What are proving to be the benefits of centralisation?
  • And how is a balance between process centralisation and client personalisation being struck? 

Seeing trends 

M&G Wealth is delighted to partner on this research once more with NextWealth. Having conducted the survey for three years now, we’re in a position to extrapolate some trends (albeit with an awareness that the Covid-19 pandemic may have shifted business focus). We hope this will enable adviser firms to get a useful overview of the directions their peers are taking when building a retirement advice proposition. 

Consumer duty 

And given the FCA’s ambitious plans for new Consumer Duty rules, it’s been especially compelling to explore how firms are working to provide retirement advice and support that’s genuinely built around each client, while ensuring it’s commercially viable and scalable to deliver. Advisers pride themselves on helping clients navigate difficult times with confidence. We hope this research can enable firms to consider whether greater centralisation in their business might help them fulfil this and their many other roles even more effectively.

Download our 2022 CRP Research Report 

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