A majority of advisers are interested in getting support on inheritance tax (IHT) planning from specialists as client demand in this area increases, research from investment manager Downing has found.
In the survey of UK financial advisers and wealth managers, more than half (51%) said they are interested in such help while almost all (93%) said their firm works with lawyers or accountants for additional expertise.
Many advisers are already receiving support, with Downing’s research finding 42% work with specialist IHT providers and 50% work with both accountants and lawyers on IHT.
More than four out of five (81%) of advice firms questioned employ specialists who only advise on IHT planning, and more than half (52%) believe their firm is very experienced in IHT planning. Of those questioned, 45% described themselves as only quite experienced, while 3% admitted they are not experienced.
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Advisers believe clients are knowledgeable about IHT planning options, with 43% saying their clients are well-informed, and 49% described them as quite well-informed.
Mark Dunn, head of retail sales at Downing, said: “IHT planning is growing in prominence as part of advisers’ workload and as part of their client base as more clients focus on tax efficiency.
“That is highlighted by how many firms employ specialists who only focus on IHT planning and the growing business relationships with lawyers and accountants to source further expertise.
“It also explains the demand from advisers for more support from providers of specialist IHT planning solutions. Providers need to work harder to ensure advisers receive the help they need.”
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