Marvin OnumonuRetirement planning is driving more demand for bespoke investment services, according to research from Rathbones Group.
Research found that 97% of independent financial advisers (IFAs) expected rising demand for bespoke portfolios managed by third party wealth managers.
This comes as advisers face more complex issues around family inheritance.
The study found that two in three (65%) advisers said portfolio management had become more difficult, with less than a third (29%) saying it was easier.
Changes to tax relief on pensions and estates have made it tougher to deliver growth and tax efficiency for clients, according to Rathbones.
The research also found that 93% of advisers saw last year’s Autumn Budget as a key reason for more interest in bespoke investment services, due to the added complexity in decumulation and estate planning.
Simon Taylor, head of strategic partnerships and platforms at Rathbones, said: “Changes in last year’s Budget to IHT are having a major impact on advisers and their clients with large investment portfolios, with advisers finding managing both growth and tax efficiency more challenging as a result.
“Furthermore, the FCA’s thematic review on retirement income advice, published in March 2024, is adding increased impetus for adviser businesses to think carefully about investment propositions for their clients, resulting in increased interest in bespoke services.”
