HMRC helpline delays are driving more clients to seek help from financial advisers with their tax planning, new research from wealth manager Investec Wealth & Investment (UK) shows.
Nearly half (47%) of clients who use financial advisers to help with tax issues say problems getting through on the HMRC helpline is a key reason, the research with retail investors holding stock market investments including pensions found.
The study by Investec Wealth & Investment (UK), part of Rathbones Group, found the biggest reason clients sign up with financial advisers for help with retirement planning. Around a fifth (21%) said they first started with an adviser for retirement planning while 18% said they sought support after receiving an inheritance and the same number said they went to an adviser after their investments grew substantially.
More than two-thirds (68%) say their adviser has helped with pension planning while 53% say their adviser helps with ISAs. However, 40% report that their wealth manager helps with tax issues which is slightly more than the 37% who say they get help with mortgages. Around 19% receive help with business succession planning and 18% say they have had help with inheritance tax planning.
The research found that clients are benefiting massively from working with advisers – around two out of three (63%) say their financial adviser has helped save them money on their tax bills and mortgages while 70% say their adviser has increased the value of their wealth.
Savings on mortgages and tax bills have been substantial – nearly a third (31%) estimate savings have been more than £10,000 – and more than two-fifths (41%) say their wealth has increased by 10% or more as a result of their financial adviser’s work.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataClients are most likely to be recommended an adviser by a family member or friend – 53% say they found their adviser that way – while 27% say they contacted an adviser through work or a colleague. Around one in 14 (7%) found an adviser through Google.
Commenting on this, Investec Wealth & Investment (UK) head of strategic partnerships, Simon Taylor, said: “Help with tax issues is clearly becoming a major part of financial advisers’ business, and issues getting through on the HMRC helpline play a role in that.
“However, the main reason clients turn to advisers is for help with retirement planning and general wealth advice. The research shows advisers are providing real value for money with clients reporting high levels of saving and increases to their wealth as a result of help from advisers.”
