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Past 12 months see sharp rise in demand for financial advice


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.”

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