The Lifetime Isa is a good product for many investors, but is unlikely to fit the profile of those seeking professional financial advice.
That was the overriding response of a cross-section of financial advisers when asked whether they planned to use the government's latest savings initiative.
There were two main reasons for this: most people seeking professional advice are over 40 and already on the housing ladder, both of which make them ineligible for the Lifetime Isa.
Announced in George Osborne's final budget as chancellor, the Lifetime Isa, or "Lisa", will allow people under 40 to begin saving for either a first home or their retirement.
As an incentive, the government will pay a 25 per cent bonus on top of annual contributions of up to £4,000.
Like all Isas, the Lisa, which is due to go live in April 2017, will operate on a 'tax, exempt, exempt' (TEE) basis, whereby contributions are made after tax, but investment earnings and drawdown are tax free.
Alan Chan, director of IFS Wealth & Pensions, said advisers should keep an "open mind" about the Lisa, saying it would be particularly appropriate for those who have no workplace pension and are basic rate taxpayers.
That was because they would receive the same tax relief on a Lisa as on a pension, but would not be taxed on draw down.
However, he said only a "small proportion" of his existing clients would be eligible for a Lisa, adding those most eligible were "unlikely to be seeking advice".
Jason Hollands, managing director, business development and communications at Tilney Bestinvest, said his firm had been explaining the Lisa at client seminars, and "would certainly look to use it for the right clients".
However, he added: "As we look around the rooms, most clients won’t themselves be eligible as these are aimed at under forties and a key target group are people looking to use the Lisa towards the purchase their first property, so these are generally not the typical demographic group for many adviser firms."
He said for those who are eligible, in most cases it would only make sense as a way of saving for a first property, as "a pension will remain more attractive if the saver pays higher rate tax and / or benefits from company contributions".
He also pointed out that, given the delayed detail on exactly how the Lisa will work meant many product providers would not have products ready by April 2017.
Sean Irwin, an IFA with DFP Wealth Management, was more optimistic about the eligibility for his clients.
"I have more and more people asking me about the Lisa and it hasn't even started yet which just goes to show the interest," he said.
"It will be very suitable for a few, mostly younger people, that are torn between starting to save up for their retirement having realised that the state pension age for them will be very high and they will have to fund retirement themselves, but at the same time trying to get on the property ladder."
He pointed out that for people who saved for a Lisa with aim of saving for a first property, but then inherited a property or a acquired one through some other means, could then put the Lisa towards their retirement without foregoing the bonus.
However, he agreed that many people who could benefit from the Lisa would not be seeking financial advice, and urged the government to conduct an advertising campaign to explain, as they did for auto-enrolment.
