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
Industry expert warns of dangers to final salary pension schemes
DB Trustees has released a research note which suggests that final salary pension schemes are in serious trouble in the UK. It is estimated that the U.K.'s 800 final salary pension schemes have lost between them a staggering £226 billion over the last year due in the main to the weakness of the UK stock market and property market. It order to plug the funding gap it is estimated that between them...
Read MoreDoctors Threaten Further Action over Pension Reforms
The dispute between the Government and doctors in the UK seems to have escalated, with doctors calling for further industrial action to be taken over pension reforms. The implications of this could mean another day of skeleton service, similar to that practiced on Christmas Day, whereby there are only enough doctors on standby for emergencies. The possibility of this looked more likely after t...
Read MoreHave you made plans for your pension?
With changes to the UK pension system inevitably the future the focus is now falling upon private pension schemes and employee pension schemes. However, when you consider that the vast majority of final salary pension schemes are either closed to new members or closing down, the situation for the future is fairly simple - arrange your own personal pension plan
Read More
Annuity rates have halved in 15 years
Those looking to retire in the short to medium term in the UK will face a nightmare scenario with news that annuity rates have halved over the last 15 years. This unprecedented fall in annuity rates will have a direct impact upon the lifestyle and the finances of many in the UK who are coming up to retirement over the next few years. So what are the options? Unfortunately the options for many f...
Read MoreWelsh pension scheme 'exposed to Madoff'
A Welsh pension scheme has admitted exposure to the Bernie Madoff hedge fund scandal.The US fund manager has been arrested by prosecutors over an alleged £33 billion fraud.He is said by them to have run a "Ponzi scheme", paying investors off with other investors' money.Now, the Clwyd Pension scheme, which is paid in to by workers in north Wales, has said that they have lost around £1.9 million i...
Read More