IFAs expecting increased demand for tax and estate planning advice

Fifty-eight per cent of IFAs are expecting demand to increase for tax and estate planning advice over the next five years, new research from Canada Life has revealed.

The study, based on responses from 200 financial advisers, found that a further 39% of advisers expect demand to remain the same, while only 2% believe they will see a reduction in demand for tax and estate planning advice in the future.

Canada Life suggested its findings come as the retirement market is witnessing exponential growth in the ‘Complex Families, Complex Finances’ demographic – which it described as a group of retirees whose family situation complicates their financial needs and planning.

This group currently accounts for a third of the market but is expected to be the largest group in the retirement market by 2035.

“Advisers are clearly seeing an increase in demand for their services,” commented Canada Life tax and estate planning specialist, Neil Jones.

“This is being driven by consumers seeking advice on later life financial planning needs, many of whom have been prompted to take action by the global pandemic. This is a sweet spot for advisers as we witness exponential growth in the ‘Complex Families, Complex Finances’ demographic.

“Financial planners looking to the future will see the potential for opening their door to new clients and producing holistic plans that not only help clients today but create the potential to advise multi-generational family units too.”

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