Past 12 months see sharp rise in demand for financial advice
23/04/2015
There has been a sharp rise in people looking for financial advice over the past 12 months, with more than a third of accountants experiencing an increase in potential clients.
Research from Investec Wealth & Investment showed that 37% of accountants had seen a sharp rise in demand for advice, with the majority of consumers needing guidance on pensions, followed by inheritance tax planning. This is due to the increased freedoms over 55s now have in regards to their pensions, and a heightened awareness of financial planning.
More than two thirds of the accountants polled said they referred the clients to a financial adviser who would be able to provide them with the service they are looking for. One in five (20%) said they provided the advice themselves. A further 4% said they referred them to someone other than a financial adviser, with 6% declining to help their clients.
Chris Aitken, Head of Financial Planning at Investec Wealth & Investment, said:
“For many with complicated financial affairs, an accountant is often the first port of call for advice on investments, especially if there are questions about tax that need to be clarified. High property prices with their impact on inheritance tax and the changes to the pension regime have added to the trend, so it is unsurprising that accountants are increasingly being asked questions about financial planning. It is very important for accountants to have access to trusted partners bearing in mind the change in the regulatory landscape and constantly evolving legislation.”
Need financial Advice?
If you have any personal finance questions related to this news article, then please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.
Share this..
Related stories
UK pension increase not enough
The National Pensioners Convention has today come out in support of pensioners across the UK , many of whom are up in arms about the meagre 5% increase in the state pension. As we covered in one of our earlier post, the full basic state pension has risen to £95.25 although for those without a full National Insurance record the figure is a much lower £57.06. However, when you take into account th...
Read MoreIs it right that public sector workers suffer for government mistakes?
No matter how the government and various political parties attempt to wrap up the issue of public-sector pensions there is no doubt that public sector workers will suffer one way or another because of decisions made by previous governments. While it is easy to place all of the blame at the doorstep of the Labour Party the truth is that previous governments also played their part. But is it right t...
Read MoreThe Prudential Bails Out Cable And Wireless
In a move which is being described as a win win for all parties involved it has been reported that Cable and Wireless has taken out a £1 billion annuity with Prudential to safeguard the future of the company's pension fund and dramatically reduce the liabilities of the scheme.
In a fairly complicated action the pension fund members will still be connected to Cable and Wireless bu...
Retirement is even further away for 1.85 million people in the UK
A report by annuity provider MGM Advantage has revealed the startling fact that 1.85 million people in the UK will be delaying their retirement dates and working on into later life. It seems that pension arrangements currently in place for many of those reaching retirement age in the UK will pay out significantly less than had been hoped and ultimately many people will be struggling to make ends m...
Read More