Independent financial advisers (IFAs) have reported a surge in enquiries with 68% suggesting that clients wanting to make changes ahead of the Budget is their biggest challenge, new research from Rathbones has shown.

The wealth and asset manager revealed that that 91% of advisers had experienced an increase in client queries, with concerns primarily focused on the potential reversal of the pension lifetime allowance abolition, possible changes to the pension tax-free lump sum, and inheritance tax.

Rathbones’ research, based on an independent study of 100 IFAs, found that 31% of advisers had experienced a spike of 26-50% in client queries ahead of the Budget. The research also showed that two thirds of IFAs (66%) had reported an increase of 11-25%.

Senior financial planning director at Rathbones, Faye Church, said that the findings had highlighted the “heightened anxiety” among clients as they seek clarity and reassurance in an evolving financial landscape.

“While speculation around a reversal of the pension lifetime allowance abolition has largely flown under the radar, potential changes to the tax-free pension lump sum have dominated Budget-related conversations – yet both are top concerns among our clients,” Church said.

“Advisers are working hard to provide clarity in a fast-moving environment, but the volume and complexity of queries show just how important it is for the Budget to deliver clear, timely guidance.”

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