With the Autumn Budget approaching on 30 October and constant speculation about its possible content, clients are seeking clarity and can easily get “caught up” in the rumors, Benchmark’s head of financial planning, Wesley Harrison, told PA.
“As advisers, it’s our responsibility to stay ahead of these discussions and offer the right mix of guidance and reassurance,” he emphasized.
Harrison added that advisers at Benchmark are concentrating on maintaining perspective during this time.
“Clients will have read headlines about tax rises or cuts to pension reliefs, but most of it is just noise until the actual Budget.
“Advisers will need to help their clients stay focused on the long-term financial plan and avoid any knee-jerk reactions.”
Reminding clients not to jump to conclusions
Advisers can’t foresee everything, but Harrison encouraged them to be as prepared as possible.
“There are always a few common themes in a Budget—pensions and taxes. It’s wise to have a strategy in place for these areas, but advisers should remind clients not to jump to conclusions before the details are clear,” Harrison said.
He emphasized that advisers should provide reassurance to their clients.
“Clients want to feel secure. Advisers need to reinforce that, assuring clients that their financial plans are designed to withstand short-term changes, regardless of what happens.
Whether it’s pensions, tax allowances, or investments, they have the flexibility to adjust once the facts are known.”
Harrison ultimately stressed the importance of advising clients not to take action too hastily.