Post retirement 'too product-focused’

The post retirement space is too product-orientated to the detriment of quality advice, a corporate adviser believes. 

Speaking at Super Review’s Post Retirement and Ageing Forum, Chase Corporate Advisory’s executive director Andrew Gale called for a 'much more sophisticated’ approach to post-retirement, skewed towards the right advice and portfolio construction solutions. 

He said a deterministic mentality saw satisfactory post-retirement solutions in around half of retirees, but the benchmark should be raised.  

'We need to ask, is 50 per cent enough?’  

Gale said a stochastic approach to post retirement would be a better fit for the Australian landscape.  

Joining Gale on the panel, NAB Wealth Retirement Solutions general manager Andrew Barnett said the management of products needs to be more effectively managed to fit the changing demographics. 

'I don’t think we have a product gap, I just don’t think we use them well enough,’ he said.