Why estate planning should be a priority

Making estate planning a priority is also in the best interests of your business.

It’s an important part of many advice firms’ growth plans, because it’s an opportunity to grow through existing clients.

This is particularly true of specialist tax-efficient investments like Business Relief-qualifying investments.

In fact, 65% of advisers we surveyed said they had identified clients who would be suitable for specialist tax-efficient investments, such as BR-qualifying investments, within their existing client bank.

40% of advisers also said recommending these types of investments had led to them advising on client assets they hadn’t previously.

“These kinds of products have some important benefits to my business,” explains James Hawkins of Isca Wealth Management.

“If it’s right for the client, then there’s the potential to unlock assets I might not yet be advising on.

“These products also add more value to an annual review with a client. The client can see you’re continuing to try to create opportunities and help them.”

And now that advice firms and families have adapted to the initial challenges of the pandemic, it’s the perfect time to create new opportunities for clients and have estate planning conversations.

Please remember that Business Relief-qualifying investments put investor capital at risk. An investment, and any income from it, can fall as well as rise and investors could end up getting back less than they invest.

Tax treatment depends on individual circumstances and could change in the future. Tax relief depends on portfolio companies maintaining their qualifying status.

The shares of AIM-listed and unquoted companies could fall or rise in value more than other shares listed on the main market of the London Stock Exchange. They may also be harder to sell.

Research conducted by Octopus and VouchedFor via an online survey of 714 financial advisers in January 2021.