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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."
"The worry has to be that firms, too, will become wary, as is evident in recent surveys. In this case, the slowdown in the labour market that is now evident will continue and more jobs will be shed."
Yet inflation is commonly misunderstood, according to Matt Conradi, deputy chief executive of Netwealth. “Many retirees either underestimate its long-term impact or overcompensate based on recent periods of high inflation,” Conradi says. “This can lead to poor decisions.”
Iain Barnes, Chief Investment Officer at Netwealth, also told CNBC on Thursday that the U.K. was in “a state of fiscal fragility, so room for manoeuvre is limited.”
