Standard Life has revealed that nearly half (45%) of financial advisers experienced an increase in client enquiries, following the pension announcements in the March Budget.
It also found that IFAs with clients who have large portfolios received more enquiries. Some 58% of IFAs with an average client portfolio of £200,000 ($248,296, €227,228) and upwards reported an uptick in contact from clients.
However, the 203 IFAs surveyed believe that, on average, only 13% of their clients will need to update their pension planning because of the Budget changes.
This rises to 15% among those who have an average client portfolio of £200,000 and above.
Chris Hudson, retail advised managing director at Standard Life, said: “The pension announcements in this year’s Budget took most people by surprise, particularly the scrapping of the lifetime allowance, leading to a frenzy among advisers and clients alike.
“Clients have clearly been scrambling for clarity around what this means for their finances and financial planning and have been looking for support from advisers to guide them.
“While advisers only expect a small proportion of their most affluent clients to be affected, many will still be seeking advice for their situation, especially as it looks like measures around the lifetime allowance could be reversed if this government loses power.”
