Advisers need to be “really on it” with their clients on Budget day next Wednesday (30 October), Moran Wealth Management founder Nicola Crosbie has warned.
Speaking on a panel at the Money Marketing Interactive conference in Leeds today (24 October), Crosbie insisted advisers “must be proactive” on the day.
“If we’re not, some other adviser will be,” she warned. “And that’s where there is likely to be a breakdown in the relationship [you have with your clients] if you’ve not got your finger on the pulse.”
She said it is important for advisers to “put things into perspective” for clients.
“It’s about saying: ‘Let’s just calm down a little bit’,” she said. “Our job is to calm the situation.”
She emphasised the importance of “being informed” about what could come up in the Budget.
“Don’t fluff your way through it,” she said. “Because it becomes a bit apparent if you don’t know what you’re talking about. And that will unsettle your clients more.”
On the same panel, Triple Point regional business development manager Lucy Dolan said having an “agile plan” for clients is key.
She added there are “many different approaches” that advisers can take to delivering advice around the Budget, but “the key point is that things can change”.
“These unprecedented times demonstrate how quickly legislation can shift,” she said. “Therefore, it’s essential to remain agile.
“I’ve spent considerable time with advisers, accountants and solicitors. Even among solicitors, there’s some apprehension about trusts at the moment because, once a trust is in place, the client loses a degree of autonomy.
She said that, depending on how things progress, advice businesses will focus more on estate planning, which allows clients to maintain control and flexibility.
“This is particularly important because, if legislation changes, clients need to be able to adapt their plans accordingly,” she said.
“Adaptability will be crucial moving forward.”
Also on the panel, Syndaxi Financial Planning managing director Robert Reid said the ability to navigate changes as a result of the Budget is what “keeps advisers relevant, useful and profitable”.
“In fact,” he suggested, “I believe the complexity this budget might introduce could actually widen the appeal of advice.”
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