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HMRC helpline delays are driving more clients to seek help from financial advisers with their tax planning, according to a research from wealth manager Investec Wealth and Investment (UK), part of the Rathbones Group.
Nearly half (47%) of clients who use financial advisers to help with tax issues say problems getting through on the HMRC helpline is a key reason, the research with retail investors holding stock market investments including pensions found.
The study revealed that the biggest reason clients signed up with financial advisers was to seek help with retirement planning. Around a fifth (21%) said they first started with an adviser for retirement planning while 18% said they sought support after receiving an inheritance and the same number said they went to an adviser after their investments grew substantially.
More than two-thirds (68%) stated that their adviser has helped with pension planning while 53% say their adviser helps with ISAs. However, 40% reported that their wealth manager helps with tax issues which is slightly more than the 37% who said that they get help with mortgages.
Around 19% also received help with business succession planning and 18% have had help with inheritance tax planning.
Additionally, the research found that clients are benefiting massively from working with advisers – around two out of three (63%) stated that their financial adviser has helped save them money on their tax bills and mortgages while 70% said their adviser has increased the value of their wealth.
Savings on mortgages and tax bills have also been substantial with nearly a third (31%) estimating their savings have been more than £10,000 and more than two-fifths (41%) have seen their wealth increase by 10% or more as a result of their financial adviser’s work.
The survey also highlighted that clients are most likely to be recommended to an adviser by a family member or friend, as 53% found their adviser that way, while 27% contacted an adviser through work or a colleague. Around one in 14 (7%) found an adviser through Google.
