Most Over-50s Are Factoring Risk Into Pension Decisions – What This Means for Your Financial Planning Firm

New analysis of the latest FTAdviser report highlights a striking trend amongst over-50s in the UK: risk appetite is now a central factor in their retirement decision-making. For financial planners, this shift presents both a challenge and a major opportunity to strengthen advice propositions, deepen relationships, and demonstrate clear value in an increasingly complex landscape.

The research, drawn from multiple studies including Aviva and Standard Life, shows that whilst knowledge gaps around pensions persist, clients approaching retirement are becoming more aware of how risk influences long-term outcomes. This awareness is driving demand for clearer guidance, better communication, and more robust investment strategies — areas where advisory firms can establish themselves as essential partners.

Understanding the Research: What the Data Really Shows

The FTAdviser article outlines several important findings that advisers should understand and incorporate into their client conversations and marketing:

The Knowledge Gap Persists

Aviva’s research found that although 53% of people described themselves as knowledgeable about pensions, only around a third were able to correctly identify whether they had a defined benefit or defined contribution pension. Almost three in five were unaware of tax relief on contributions. This disconnect between perceived and actual knowledge creates an immediate opportunity for client education initiatives.

Risk Awareness Is High — And Growing

A separate poll conducted for Standard Life showed that 76% of over-50s cite risk appetite as an important factor in deciding what to do with their pension pot. Two in five over-50s expect their tolerance for risk to reduce as they approach retirement, whilst fewer than one in 10 expect it to increase. This trend aligns with broader patterns we’ve explored in our analysis of retirement confidence and marketing opportunities.

Regulatory Scrutiny on Risk Profiling

The FCA’s thematic review of retirement income advice found that amongst all 24 firms assessed, the risk-profiling approach showed “no clear distinction” between accumulation or decumulation. The regulator identified that customers could be inaccurately profiled and take on risk not in line with their circumstances. However, the report also noted that in a small number of examples, firms had recognised these limitations and supplemented their approach with more detailed discussions about retirement income needs and the need for secure income.

Multi-Asset Solutions Address Decumulation Risks

Industry experts consistently position multi-asset investing as a strong solution for decumulation risks such as longevity, inflation, and sequencing risk. Active management can further support risk management, with investment directors highlighting how managers adjust allocations based on market conditions, valuation signals, and risk factors.

Strategic Marketing Opportunities for Financial Planning Firms

For firms looking to grow, differentiate themselves, and strengthen professional partnerships, understanding how to communicate these trends can make a significant difference. The findings highlight several strategic areas to focus on:

1. Close the Pensions Knowledge Gap Through Educational Content

The opportunity: Over half of over-50s overestimate their pension knowledge, creating demand for clear, accessible education.

Tactical execution:

• Create a “Pension Essentials” content series: Develop blog posts, short videos, or infographics explaining DB vs DC pensions, tax relief, and how contributions work. Each piece should address one specific misconception revealed in the Aviva research.
• Develop downloadable guides: Create PDF resources like “Understanding Your Pension Type: A 5-Minute Guide” that can be gated to capture leads whilst providing genuine value.
• Host educational webinars: Run quarterly sessions on pension basics, targeting pre-retirees. Record these for on-demand viewing and use clips for social media content.

These initiatives complement the broader content creation strategies that successful firms are implementing across their marketing mix.

2. Position Your Firm as the Trusted Risk Guide

The opportunity: 76% of over-50s recognise risk as important, but many lack confidence in assessing their own risk tolerance.

Tactical execution:

• Create a risk profiling toolkit: Develop client-facing materials that explain how you assess risk differently for accumulation vs decumulation phases, directly addressing FCA concerns.
• Publish case studies: Use anonymised client scenarios that demonstrate how you’ve helped clients navigate changing risk appetites as they approach retirement. Focus on specific outcomes: “How we helped a 58-year-old teacher adjust her portfolio as she reduced her risk tolerance.”
• Develop a risk communication framework: Create templated language and visuals that explain risk concepts in plain English. Make these available to clients and prospects through your website.

This approach builds on successful strategies we’ve seen in building client confidence through behavioural science.

3. Demonstrate FCA-Aligned Retirement Risk Profiling

The opportunity: The FCA has identified widespread issues with firms using accumulation-focused risk profiling for decumulation clients.

Tactical execution:

• Highlight your differentiated approach: Create a dedicated webpage or section of your website explaining your retirement-specific risk profiling process. Use clear before/after comparisons showing how your approach differs from accumulation-focused methods.
• Develop thought leadership content: Write articles or LinkedIn posts responding to the FCA’s thematic review, positioning your firm as ahead of the curve. Title examples: “Why Your Accumulation Risk Profile Doesn’t Work in Retirement” or “How We’re Addressing the FCA’s Retirement Advice Concerns.”
• Create video explainers: Film short videos (2-3 minutes) where advisers explain the difference between accumulation and decumulation risk profiling. Share these across social channels and embed in email campaigns.

4. Communicate Multi-Asset Benefits for Retirement

The opportunity: Clients fear running out of money, but traditional de-risked portfolios may fail the longevity test due to inflation erosion.

Tactical execution:

• Translate product features into client outcomes: Rather than discussing asset allocation percentages, frame content around outcomes: “How a multi-asset approach helps your retirement income keep pace with inflation” or “Three ways diversification protects against running out of money.”
• Create comparison content: Develop side-by-side comparisons showing hypothetical outcomes of traditional cash/bonds-heavy portfolios vs multi-asset approaches over 30-year retirement periods. Ensure all content includes appropriate risk warnings and regulatory disclaimers.
• Build interactive tools: Consider developing simple calculators or scenario modellers that demonstrate how different approaches might perform under various inflation scenarios. This supports the broader trend towards digital engagement tools in financial advice.

This ties into the wider conversation about helping clients move from cash holdings to confident investing.

5. Strengthen Professional Referral Relationships

The opportunity: Accountants, solicitors, and other professionals can be powerful referral sources for retirement planning clients.

Tactical execution:

• Create referral partner resources: Develop one-page briefing sheets on retirement risk topics that accountants or solicitors can share with their clients. Include your contact details for follow-up conversations.
• Co-host educational events: Partner with local accountants or solicitors to run joint seminars on retirement planning and estate considerations. Each professional brings their expertise, and you reach each other’s client bases.
• Develop a referral partner newsletter: Send quarterly updates to professional introducers highlighting recent regulatory changes, market developments, or client scenarios that might trigger advice needs. Keep it brief (300-400 words) and focused on when to refer clients to you.
• Offer CPD sessions: Provide professional development training to accountants, solicitors, or employee benefit consultants on retirement planning basics, positioning yourself as the expert resource.

These tactics expand on proven approaches outlined in our guide to professional networking strategies.

6. Build Credible Thought Leadership

The opportunity: Ground your positioning in real-world data and regulatory developments to build authority.

Tactical execution:

• Respond to industry research: When major reports like the Aviva research or FCA reviews are published, create timely content responding to the findings. Your response should combine the data with your firm’s perspective and practical client advice.
• Contribute to industry discussions: Write articles for trade publications, contribute to LinkedIn discussions, or speak at local business events about retirement risk trends.
• Share “stat of the week” content: Create social media posts highlighting single statistics from research (“Did you know: 76% of over-50s cite risk appetite as important in pension decisions?”) with brief commentary explaining what this means for clients.

These efforts support your broader thought leadership positioning in the market.

Why This Matters: The Business Case for Acting Now

The convergence of heightened client awareness, regulatory scrutiny, and evolving retirement needs creates a unique window of opportunity for financial planning firms. Here’s why prioritising this area makes commercial sense:

More Targeted Pre-Retirement Marketing

Understanding that 76% of over-50s prioritise risk means you can create highly relevant messaging that speaks directly to prospects’ primary concerns. This improves engagement rates and conversion from prospects to clients compared to generic retirement planning messages.

Regulatory Differentiation

Firms that can demonstrate FCA-aligned, decumulation-specific risk profiling have a competitive advantage. This is particularly valuable when prospects are comparing advisers or when existing clients conduct periodic reviews of their advisory relationship. Our work with firms on regulatory compliance and marketing alignment shows this is increasingly important to sophisticated clients.

Enhanced Client Retention

Addressing risk concerns proactively — particularly as clients transition from accumulation to decumulation — strengthens relationships and reduces the likelihood of clients seeking alternative advice. The data showing that 41% of over-50s expect reduced risk tolerance signals a critical touchpoint where communication matters most.

Improved Referral Quality

Professional introducers (accountants, solicitors) are more likely to refer clients when they understand your specific expertise. Positioning yourself around retirement risk profiling and FCA-aligned approaches gives introducers clear language to use when referring clients: “They specialise in helping people navigate risk as they approach retirement.”

Better Lead Quality from Content Marketing

Educational content addressing the knowledge gap attracts higher-quality prospects. Someone downloading a guide on “Understanding Your Pension Risk Tolerance” is demonstrating purchase intent and active engagement with retirement planning, making them a warmer lead than general enquiries.

Practical Next Steps for Implementation

Immediate Actions (This Week)

1. Audit your current risk profiling approach: Review whether your process explicitly differentiates between accumulation and decumulation phases. Identify gaps.

2. Create one piece of educational content: Write a blog post or LinkedIn article addressing one specific finding from the research. For example: “Why Half of Over-50s Overestimate Their Pension Knowledge (And How to Fix It).”

3. Reach out to one referral partner: Contact an accountant or solicitor you work with and propose a simple collaboration, such as co-hosting a client seminar or sharing resources.

Short-Term Priorities (This Month)

1. Develop your risk communication toolkit: Create client-facing materials explaining your retirement-specific risk approach.

2. Launch an email campaign: Send existing clients information about your approach to managing risk in retirement, offering complimentary risk profile reviews.

3. Plan a content series: Map out 4-6 pieces of content addressing different aspects of the research findings, scheduled over the next quarter.

Medium-Term Objectives (This Quarter)

1. Build comprehensive educational resources: Develop guides, videos, and tools covering pension knowledge gaps and risk topics.

2. Establish thought leadership presence: Contribute articles to industry publications or speak at local business events about retirement risk trends.

3. Create a professional referral programme: Formalise your approach to working with accountants, solicitors, and other professional introducers with clear resources and processes.

How Aspina Supports Financial Planning Firms

At Aspina, we specialise in helping UK financial planning firms translate industry research and regulatory developments into effective marketing strategies. Our approach combines:

• Research-driven positioning: We monitor industry studies, FCA publications, and market trends to identify opportunities for your firm to lead conversations that matter to prospects and clients.

• Compliant content creation: We develop educational materials, thought leadership articles, and client communications that meet FCA requirements whilst engaging your target audience.

• Professional referral strategies: We help you build and maintain relationships with accountants, solicitors, and other referral sources through targeted content and collaborative initiatives.

• Integrated campaign delivery: From initial strategy through to content creation and distribution, we manage campaigns that generate measurable results for your practice.

Whether you’re looking to strengthen your positioning around retirement planning, develop more sophisticated client segmentation approaches, or create compelling content that differentiates your firm, we provide the strategic thinking and tactical execution that drives growth.

The research on over-50s and pension risk reveals clear opportunities for firms that act decisively. The question is not whether to address these trends, but how quickly and effectively you can position your firm to capitalise on them.

Ready to develop a marketing strategy that addresses these opportunities? Contact Aspina to discuss how we can help your firm stand out in a crowded market whilst delivering genuine value to your clients and prospects.