The impact of the Autumn Budget on clients is causing considerable concern among advisers across the UK.
- A significant 90% of financial advisers believe the Budget will negatively affect their clients, according to NMG Consulting.
- Research has shown that two-thirds of clients with advisers expect the Budget to affect them significantly.
- Pension and inheritance tax changes are anticipated to impact over half of clients, while capital gains tax adjustments will affect around 24%.
- Advisers are prioritising reassurance, with a large majority already in contact with clients to discuss potential outcomes.
The recent Autumn Budget has sparked notable apprehension within the advisory community, as NMG Consulting reports that a majority of UK financial advisers foresee a negative impact on clients. With 90% of advisers expressing concern, these findings highlight a significant unease within the industry.
The research included insights from 150 UK-based financial advisers, gathered on 10 November. It underscores that a substantial portion, precisely two-thirds, of clients who receive professional advice anticipate a marked impact from the Budget measures.
Adjustments to pensions and inheritance tax are expected to affect over half of the client base, calculating to an estimated 53%. Furthermore, changes to capital gains tax are projected to influence approximately 24% of clients, amplifying worries about financial outcomes.
Given the looming uncertainties, advisers are taking proactive steps to communicate with their clients. A vast majority, around 86% of advisers, have either reached out or are planning to contact clients to mitigate anxiety and provide clarity regarding the potential financial changes.
Ensuring that clients remain informed and reassured during this period of financial adjustment stands as an immediate priority for advisers, who are tasked with navigating the complexities introduced by the recent Budget.
Advisers across the UK are actively engaging with their clients to address and manage the potential implications of the Autumn Budget.
