Advisers expect surge in inheritance tax advice
Advisers are expecting a boom in demand for advice on inheritance tax planning, with research from The Openwork Partnership showing that 38% have seen an increase in demand for advice on IHT planning in the past year. The poll saw 60% of advisers say they expect demand to rise in the year ahead, with 19% expecting a significant increase. The report also found that 11% of the average adviser’s client base is actively seeking advice on IHT. Looking at the factors driving the increase in people seeking inheritance planning advice, 56% pointed to a greater awareness of the impact of IHT, followed by advisers proactively discussing it with clients (47%), rising property prices (43%), pensions being more attractive as a means of passing on wealth (41%) and the pandemic increasing interest in financial reviews (25%). Openwork Partnership chief commercial officer Mike Morrow said the coronavirus crisis “has encouraged many to reassess their finances and ensure everything is as it should be.” He noted that IHT “has so many different elements to it, it can often be overwhelming”, with clients often finding it difficult to know what their best options are.