93% of financial advisers says they are confident they can deliver the flexibility into retirement that their clients need and want.

Research from Canada Life also found 83% believe that they are one step ahead of their clients all or most of the time. This is despite the varied impacts of the pandemic, with 41% of advisers suggesting clients have changed their long-term financial needs in the past 12 months.

Sean Christian, MD and executive director, wealth management division at Canada Life, said: “The impact of the past year will continue to drive a need for greater flexibility to ensure advisers meet the evolving needs of their clients.  The industry needs to support advisers and their clients, as needs and perspectives on retirements continue to change.”

Meanwhile, 63% of advisers believe they have all the tools and products required to meet their client’s needs, but 52% believe that the industry has lacked innovation and new solutions. However, advisers also show hesitancy with only 56% feeling comfortable exploring and offering clients new products.

Christian added: “The ability of the industry and advisers to work together, in developing innovative solutions and advice, is what will enable us to collectively deliver clients long term financial plans. We’ve continued to develop our own retirement solution to respond to the challenges of providing clients with flexibility and certainty in any combination with the ability to de-risk through retirement journeys.

“For example, the Retirement Account allows advisers to drawdown in combination with taking a guaranteed annuity income.”