The vast majority of IFAs (91%) have seen a spike in demand from clients for advice in the run up to the Budget, according to a poll.

Nearly a third (31%) of IFAs add that they have seen a rise of up to 50% in client enquiries ahead of the Budget on 26 November, according to the study.

More than two thirds of advisers (68%) say that clients wanting to make changes ahead of the Budget is their “biggest challenge.”

Wealth and asset manager Rathbones says its poll of 100 independent financial advisers (IFAs), found that that 91% of advisers have experienced an increase in client queries.

Client concerns were mainly focused on the potential reversal of the pension lifetime allowance abolition, possible changes to the pension tax-free lump sum and inheritance tax. 

Among IFAs reporting an uptick in client queries ahead of the Budget, 31% have seen a leap of 26% to 50%, while 66% report an increase of 11% to 25%. 

The most common topics raised as areas of concern by clients include: 

• Lifetime allowance abolition changes (73%)
• Drawing down pensions tax-efficiently (55%)
• Inheritance tax planning and gifting strategies (49%)
• Passing on pensions to heirs (49%)
• Pension tax allowances (33%)
• Trust structures (21%)
• General retirement income planning (8%) 

Advisers say they are facing challenges in responding to client concern. The top three hurdles cited were: 

• Explaining complex rules in simple terms (78%)
• Keeping up with potential legislative changes (74%)
• Clients wanting immediate action before rules are confirmed (68%) 

Despite the jump in advice demand, advisers says they feel well-positioned to respond to any material changes announced in the Autumn Budget, with 99% saying they feel either very (50%) or fairly prepared (49%). 

The adviser survey follows a separate Rathbones poll of 460 clients with up to £5 million in investable assets, which found that 43% expect to require advice on inheritance and estate planning over the next 12 months. Gifting, which accounts for 11% of queries, has also seen increased interest. Both areas have trended sharply upwards since the start of summer. 

Other areas of client interest include tax efficiency (14%), later life planning (10%), retirement and pensions (9%), and cashflow management (5%). Ethical and impact investing, philanthropy, school fees, and mortgages each make up a smaller proportion of queries but remain relevant for specific client segments. 

Faye Church, senior Financial Planning director at Rathbones, said: “The findings highlight the heightened anxiety among clients as they seek clarity and reassurance in an evolving financial landscape.”