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The Financial Conduct Authority’s proposals for targeted support represent a landmark shift in how financial advice and guidance can be delivered in the UK.
“People have been saying this for quite a while and nothing has happened,” as Wildgoose points out. But a catalyst for change this time could be the large number of firms being bought out. That is a “double-edged sword”, says Iain Barnes, chief investment officer of UK wealth manager Netwealth
Our CEO Charlotte Ransom is one of the contributors lending their expertise on inheritance tax and pensions ahead of more potential tax rises in the autumn Budget.
Too few clients who come to my door are aware that advisers MUST provide this information - not only when you first sign up for their services, but on your request at any point in your business relationship with them. - Charlotte Ransom, Netwealth CEO
‘Trusts can be a useful tool to help reduce inheritance tax and pass on wealth – but they’re not a simple fix, and they come with costs, rules and paperwork,’ says Matt Conradi, deputy chief executive of wealth manager Netwealth.
He says that for many families often the simplest and most tax-efficient plan would be to give money away directly.
“We’re now seeing more clients wanting to pass on wealth earlier. For those unsure about handing over assets, we’re having more conversations about using trusts to retain some control while still reducing the value of their taxable estate' - Matt Conradi
Tom Kimche, Head of Advice at Netwealth, described the proposals as “timely and necessary,” arguing flexible models could empower consumers and build confidence around critical decisions.
Tom Kimche, head of advice at Netwealth:
“These proposals are a timely and necessary response to the persistent advice gap in the UK. Too many people still struggle to access clear, affordable guidance around critical financial decisions – from retirement planning to investing excess savings."
