QUARTERLY NEWS AND INSIGHT FROM HYMANS DIGITAL WEALTH
Digital Wealth Download - Spring 2023
27 Mar 2023 - Estimated reading time: 3 minutes
Welcome to the Spring edition of Digital Wealth Download - our quarterly digital wealth and products newsletter.
This Spring edition of the Download comes at an interesting time, with the FCA considering their approach to simplified ISA advice after the lukewarm response received from advisory firms, the advice / guidance boundary review moving sedately forward with confirmation it will span accumulation and decumulation, and the Consumer Duty just months away.
We were joined on the Fintech Feed by Rob Hudson of Just Group, who’s Destination Retirement robo-advice product looks to tackle many of the issues the FCA seeks to address for consumers with their reviews. Our Consumer Duty team take a look at legacy products and the challenges these present insurers, but good news for them comes in the form of digital efficiencies available from insurance modelling.
Finally, our analysts take a look at the latest PLSA living standards data and assess what that means for today’s DC savers already struggling with the cost of living crisis.
In the spotlight...
Living with the legacy in a Consumer Duty world
Legacy products can be an important part of many life insurers businesses. The potential for them to be administered on outdated systems and potentially with higher charges raises the question of whether these products always provide good outcomes for consumers.
In our latest blog, we give our answers to these important questions.
The Fintech Feed - A digital retirement: The role of robo advice in the future of retirement savings
The Fintech Feed is our technology-focussed podcast series, where we explore the growing impact of data and technology on the financial services industry.
In this episode, Paul Waters, Head of Digital Wealth at Hymans Robertson, and Rob Hudson, Chief Commercial Officer at Just Group, discuss the role of robo advice in the future of retirement savings.
Listen to our 25 minute podcast to find out more.
Bringing actuarial models into the future
Modern, digital technology is enabling insurers to reduce model risk and transform processes, leading to major cost and efficiency benefits. However, across the industry, we’ve really only scratched the surface.
Read our thoughts on the digital transformation of the industry.
Helping members achieve their retirement goals
How much money will you need when you retire? And what standard of living will that give you?
In 2019, the Pensions and Lifetime Savings Association (“PLSA”) launched their Retirement Living Standards (RLS) to help members answer those questions. We've used our Guided Outcomes model to determine the chance of meeting the RLS for different combinations of salary and total contribution rate. Download our publication to find out more!