"This only goes to further support that as an industry, we still haven't got it together to offer robust, yet flexible, solutions that deliver the right outcomes for advisers and their clients," said Kenny.
"In addition, our research highlighted that the number of those expressing regret at the decisions made increases as the age of retirees decreases.
"This potentially indicates that the needs and expectations are changing more rapidly than many may assume, especially for younger retirees."
Kenny said the industry would agree that when it comes to retirement, nobody should have regrets, especially when many do not have the luxury of a 'do-over'.
"So, if, as an industry, we fail to bring about the change people want and need, how many of the next generation of retirees will end up having regrets?" said the 7IM boss.
"We therefore need to get it together as an industry, and we need to do it soon (clients have already had to wait over seven years), to really deliver clients the flexible income solutions they need in retirement.
"And I don’t mean one provider delivering one hot new product, but as an industry delivering together to solve the retirement puzzle for all our clients. That’s what we at 7IM will be campaigning for throughout 2023 – and beyond."
ruby.hinchliffe@ft.com
