16/06/21

WEALTH MANAGEMENT: Advisers forecast rising demand for IHT planning.

As published on mortgagestrategy.co.uk, Wednesday 16 June, 2021.

Advisers are expecting a boom in clients seeking help with inheritance tax planning, according to research by Openwork.

The network found that 38% of advisers saw an increase in demand from clients looking for support with IHT planning in the past year.

It is a trend that advisers expect to continue with 60% anticipating that demand will continue to rise in the year ahead and 19% predicting that it will increase significantly. 

Advisers say that on average 11% of their client base are actively seeking advice on IHT.

The top reasons for the increase in those seeking advice on inheritance planning include greater awareness of the impact of IHT; advisers proactively discussing the issue with clients; rising property prices and the pandemic prompting clients to seek financial reviews.

The average age at which people seek IHT advice from a professional is 62, but a quarter of advisers have seen an increase in the number of families visiting them for advice in the last 12 months.

The Openwork Partnership chief commercial officer Mike Morrow 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.”