New research from The Openwork Partnership, one of the UK’s largest and longest established financial advice and investment networks, shows advisers are expecting a boom in demand for advice on inheritance tax planning.
Nearly two out of five (38 per cent) advisers saw an increase in demand from clients for advice on IHT planning in the past year.
And advisers anticipate the boom will continue with 60 per cent expecting demand to rise in the year ahead, and 19 per cent stating they think it will increase significantly. More than one in 10 (11 per cent) of the average adviser’s client base is actively seeking advice on IHT.
The top five reasons for the increase in those seeking advice on inheritance planning include greater awareness of the impact of IHT (56 per cent), advisers proactively discussing it with their clients (47 per cent), rising property prices (43 per cent), pensions being more attractive as a way of passing on wealth (41 per cent) and Covid-19 increasing interest in financial reviews (25 per cent).
The average age people seek IHT advice from a professional is 62-years old — however a quarter (25 per cent) of advisers have seen an increase in the number of families visiting them for advice in the last 12 months.
Mike Morrow, Chief Commercial Officer at The Openwork Partnership, says: “Inheritance tax has so many different elements to it, it can often be overwhelming and difficult to know what the best options are for you.
“The Covid-19 pandemic has encouraged many to reassess their finances and ensure everything is as it should be. It’s good to see more people enlisting the help of a professional and parents bringing their family along to start the adviser process early.
“All of our advisers are equipped to help clients as best they can and make sure their money is working hard for them.”
The Openwork Partnership has more than 4,300 financial advisers across the UK and operates as a directly authorised, multi-panel distribution network. Its new website includes an interactive map enabling more clients to access support from the network.