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DFM services can be beneficial to certain customers but must be implemented correctly and in line with FSA guidance, according to Skandia.

A study of UK millionaires commissioned by investment specialists Skandia UK has revealed that independent financial advisers continue to be the most trusted source of third party advice to help high earners meet their financial goals.

The amount of savings needed to be happy has increased, according to the latest research by investment specialist Skandia.

Financial advisers from around the world are, on average, more confident about the global economy than they were in Q4 2011, according to Skandia International’s latest Adviser Confidence Barometer*. Overall, confidence has risen by 10% from an average of 5 to 5.5 out of 10. The survey also indicates advisers are slightly more upbeat about their local economies with confidence levels increasing from 5.3 to 5.6 over the last quarter.

In amongst the technical papers issued by HMRC on the back of the budget changes, Skandia has discovered a hidden gem. An alteration in the formula for calculating tax free cash for pre 6 April 2006 (A-Day) members of occupational pension schemes could lead to people receiving more tax free cash when they retire.

Skandia UK has launched a financial adviser’s risk discussion app for iPhone and Android phones. The app has been developed to help advisers assess a client’s attitude to risk and then discuss that level of risk with their clients, in a single meeting. The app was designed for financial advisers following a Skandia survey* conducted earlier in the year that revealed 56% of advisers currently use a smart phone for business purposes, with over half of these owning an iPhone.

Skandia’s Q1* sales figures show the ‘dash for cash’ could be over as sales into the cash sector fall by over 80% since Q4. This renewed confidence is mirrored by a rise in equity markets over the quarter, with the FTSE All Share index rising steadily, and by over 6%. This is in stark contrast to the market falls seen in Q3, when the benchmark index fell by almost 17%, and people ploughed into cash, increasing cash sales for the quarter by a staggering 130%. The gains are not confined to the UK; the US market has had its strongest opening quarter (+12%)** since 1992, while the Japanese market is up a whopping 19%**.

The low gilt yield environment is impacting the financial advice given to people when it comes to taking an income from their pension, according to new research by Skandia*. Over half of advisers are recommending their customers either delay taking their pension benefits until the situation improves, or they phase money into drawdown, to benefit from any potential upturn. These tactics highlight the benefit financial advice can have for customers, and how having flexibility within a pension arrangement can make a big difference.

Skandia today announces the appointment of Ian Jefferies as Head of Protection for Skandia UK.

April income drawdown rates leap almost 15% since December