A post-Brexit world

Financial Adviser

As Financial Adviser went to press, the political and financial shockwaves of the UK electorate’s decision to vote to leave the EU were still being felt.

The implications of the result of the referendum, in which 52 per cent of voters made clear that they wanted to leave the economic and political bloc which the UK joined 42 years ago, are too complex and far-reaching to outline in a leader column such as this.

The biggest certainty of the Leave mandate is the uncertainty it creates for our entire industry.

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From fund managers to pension advisers, to mortgage brokers and protection specialists, no one can be sure what will happen next.

At the beginning of the week it was being reported that some international investment banks were considering relocating their headquarters from London to mainland Europe.

This is probably to be expected, but is by no means a given.

As Chancellor George Osborne came out of a three-day self-imposed purdah in a press conference aimed at calming the markets, there were also fears the UK economy’s precarious recovery could be over.

None of this was helped by the resignation of the Prime Minister David Cameron and an increasingly likely challenge to the position of the main opposition leader Jeremy Corbyn.

There could be a General Election, and the will of the Scottish and Northern Irish – who voted to remain in the EU – may trigger a constitutional crisis and a second referendum.

These are all unknowns. But, thankfully, they are not necessarily negative outcomes.

With change comes challenge, something the human spirit generally thrives on. Our ancestors didn’t have it quite so easy as us, and look how far they have helped to get us.

Back to the present, and clients will be looking for a soothing voice and a willing ear. They will need someone to remind them that every challenge is an opportunity and to look to the future – one where the value of independent financial advice has never been so important.