‘Brexit boom’ predicted for advisers
30 August 2016
- Over half (53 per cent) of advisers expect an increase in financial planning advice following the Leave vote
- Four out of ten advisers believe the result will have a positive impact on their business, and have identified specific business opportunities from Brexit
- But the main worry for clients post Referendum is how to protect retirement funds
More than half of financial advisers (53 per cent) are expecting an increase in the number of clients seeking specific Brexit-related financial planning advice, exclusive new adviser research from Prudential1 shows.
The results come from 37 per cent of advisers surveyed who expect to see an increase in demand for their services from existing clients, with a further 16 per cent expecting to sign up new clients as a direct result of the Referendum decision.
The results also reveal that four out of ten (40%) of advisers say that Brexit will have a long-term positive impact on the UK economy and the future of their business. A further 42% believe that Brexit will present specific opportunities for them and their business.
However, the findings reveal that a smaller amount of just under a third (32%) think that quitting the EU will have a long-term negative effect on the economy and their business.
When it comes to their existing clients, most advisers (58 per cent) expect them to be concerned about protecting their retirement funds while a further 56 per cent of advisers say their clients will be looking for support on how to reposition their long-term investment plans, and 54 per cent expect to see an increase in queries relating to drawdown and the effects of volatility on funds.
Paul Harrison, head of Prudential’s business consultancy for advisers, said: “Advisers are embracing the opportunities of Brexit and expect an increase in the number of clients – both existing and brand new ones – who are looking for Brexit-specific financial planning advice. This underlines the fact that the result has triggered uncertainty when it comes to financial planning, with people realising their best port of call in uncertain times is often to speak to a qualified, reputable financial adviser who can provide as much certainty as possible and get back to the basics of good financial planning.
Notes to editors
1Adviser research conducted by Opinium: Research carried out from 29 June to 7 July 2016 using an online methodology with responses from 104 financial advisers nationwide.