The start of the new tax year offers an opportunity for advisers to engage clients when their motivation to act is strongest, says Wealthtime.
A survey by the adviser platform business, which interviewed 1,000 adults aged 35 plus with average investable assets of £350,000, found that many clients are looking to reset their financial plans in the new tax year.
Over a third (34%) plan to open or top up an ISA early in the new tax year, while 26% intend to adjust their regular savings and investments and 21% plan to review their pension contributions.
However, Wealthtime warned that this momentum does not always last. Nearly a fifth (18%) already expect to delay taking action again.
The research also highlighted widespread tax-year end regret. Three quarters (74%) of clients report at least one regret from the previous tax year. The most common were leaving decisions too late (27%), missing an allowance (23%) or keeping too much money in cash (18%).
Kylie Clark, CX director at Wealthtime, said: “The start of the tax year is a natural reset point in the planning cycle. Our research suggests that many clients finish the tax year with a stronger sense of what they want to do differently, but that motivation can fade quickly.
“Many may benefit from a more defined plan and earlier engagement to help turn intent into action. For advisers, it is a good opportunity to start conversations early, help clients set priorities and maintain momentum for the year ahead.”
Phillip Wickenden, founder of Ad Lucem, who led the research, added: “The data shows that many clients are most open to taking action just after tax year end. Where advisers put a clear structure in place for the year ahead, clients are far less likely to slip back into last-minute habits, leading to more consistent outcomes and a smoother planning experience overall.”
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