Financial advisers lack confidence in the economic policy agenda in the UK, with clients reporting concerns around tax and retirement planning, analysis from Unbiased Pro has revealed.

More than half (57 per cent) of advisers said they lacked confidence in the government’s economic policy agenda over the next 12 months, while just 2 per cent said they felt confident in it.

The study of 100 advisers ahead of the Budget revealed that 36 per cent had seen an increase in enquiries, while 19 per cent reported a decrease in demand.

Tax uncertainty was ranked as the biggest economic challenge currently facing their clients, cited by 43 per cent of advisers, followed by ‘new Budget policies’ (26 per cent).

When asked about how the Budget will affect their role, 23 per cent expected upcoming announcements to increase complexity or compliance burden, while 13 per cent believed it would create new opportunities for advice and growth.

Advisers were also asked about which rumoured policy changes they believed would most likely affect their clients.

Tax-free pension withdrawals and tax relief was cited by 24 per cent of advisers, followed by inheritance tax (22 per cent), property taxes and national insurance (17 per cent), and wealth tax (14 per cent).

Tax planning was the financial topic clients were most concerned about according to advisers, cited by 36 per cent of respondents, while 28 per cent believed it was retirement planning and pensions, and 24 per cent felt it was property and the housing market.

Despite the concerns, 93 per cent of financial advisers said they felt prepared to advise their clients on potential changes.

“Advisers are clearly bracing for impact ahead of the Autumn Budget, with many anticipating increased complexity and compliance demands,” commented Unbiased Pro chief revenue officer, Matt Cockayne.

“While confidence in the government’s economic agenda remains low, advisers continue to play a vital role in helping clients navigate uncertainty. Their preparedness and resilience underscore the importance of accessible, high-quality financial advice, especially in times of change.”

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