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Wealth preservation, inheritance tax and the new higher rate income tax are the top three concerns for independent financial advisors and their clients for the year ahead, says a new survey by Stellar Asset Management.

The Stellar Asset Management wealth management survey was completed by 85 IFAs, the majority of which (74 per cent) stated that wealth preservation was the most common concern for their clients. Advisors, meanwhile, think clients have their priorities right, as they cited it most frequently as the issue clients should be most concerned about.

Feeding into concerns about wealth preservation, inheritance tax was ranked as the second most important issue by advisors, with 80 per cent of those surveyed saying tax mitigation products and services are now of more interest to clients than in the past.

Meanwhile, 98 per cent of advisors stated that the new top rate of income tax was worrying clients. 

“With wealth preservation, higher rate income tax and inheritance tax front of mind for both advisors and their clients, established tax mitigation products... should be centre stage in 2010. We would expect greater demand for these products, not just in terms of volume, but also in terms of what they offer clients,” said Gordon Pugh, sales and marketing director at Stellar.

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