Concerns around the upcoming Budget are contributing to increased financial client anxiety, with many seeking advice.
- Financial advisors report a surge in client inquiries due to Budget apprehensions, highlighting a period of significant instability.
- Personal Investment Management & Financial Advice Association CEO Liz Field emphasises heightened anxiety linked to Budget uncertainties.
- Clients are increasingly vulnerable, with advisors receiving unprecedented levels of inquiries from worried individuals.
- Speculation about potential tax changes is adding to the unease, impacting financial planning and decision-making.
The financial advisory sector is currently experiencing a significant influx of client inquiries, driven by widespread concern over the upcoming Budget. This has created a scenario where financial advisors are inundated with requests for guidance, as individuals express distress and uncertainty about their financial future.
Liz Field, CEO of the Personal Investment Management & Financial Advice Association (PIMFA), highlighted this issue during a recent vulnerability event. Field noted that the uncertainty surrounding the Budget has resulted in heightened client anxiety, indicating that vulnerabilities among clients have been exacerbated. ‘At the moment, of course, our sector is being absolutely inundated with calls from their clients because of worry about the Budget next week, and there’ll be instances where clearly they are anxious, asking, “what should I do?”‘ she stated.
With the Budget speech scheduled for 30 October, the speculation surrounding potential tax changes is intensifying client unease. Advisors are receiving a remarkable increase in calls concerning pension and capital gains tax (CGT), as individuals seek clarity and advice amidst the evolving financial landscape.
This heightened level of inquiry suggests a broader concern within the public about potential fiscal policies that may arise from the Budget. Financial advisors are therefore placed in a pivotal role, tasked with providing reassurances and actionable advice to help clients navigate this period of fiscal uncertainty.
The anticipation of the upcoming Budget is driving significant unease among financial clients, leading to increased demand for professional advice.
