The vast majority of advisers believe new pension rules proposed in the Budget will boost the demand for financial advice, according to figures from FundsNetwork.
Research conducted in August among 95 financial advisers revealed 91 per cent think the changes to accessing pension pots from next April will work to their advantage.
Half of those polled thought demand for advice will increase by up to 50 per cent, while just over 26 per cent expect demand to rise by 50 per cent or more.
The expected increase in demand is fuelled by client confusion over the proposed rules, with just over a third of respondents describing their clients’ understanding of the new pension rules as ‘poor’ or ‘very poor’.
In terms of capitalising on this business opportunity, 47 per cent of advisory firms highlighted the range of products and tax wrappers available on platforms would offer the most benefit, helping build tax efficient retirement incomes from multiple investment sources.
Jon Everill, head of advisory services at FundsNetwork, said: “There can be little doubt that many more people will require financial advice from a professional in the future which is hugely positive for the advice community as a whole.”
“Indeed, our latest research shows that advisory firms are very optimistic about the proposed pension rule changes and the huge growth opportunity these changes present them and their clients.”
