Half of advisers (49%) say clients have been holding off making financial decisions until after tomorrow’s Budget.

More than a third (35%) say clients are resigned to being worse off after the Budget.

Almost four out of five (88%) are worried that the tax-free pension lump sum will be cut, according to fintech Flagstone’s latest poll of UK financial advisers.

Almost two thirds (60%) say that clients are worried about the Budget while almost a third (31%) say clients feel they are being penalised for working hard and saving throughout their career.

The caution among clients is not, however, slowing business for the UK’s financial advice community with almost four in ten (38%) advisers reporting seeing greater demand to provide ongoing advice to clients.

Almost a fifth (17%) report more demand than usual from new clients. 


Claire Jones at Flagstone: “It’s hard to think back to another Budget in recent history that has been so hotly anticipated. Usually by this point in the run-up to a Budget, we have a very clear idea of what’s coming down the line. That typical status quo is useful to advisers and wealth managers, providing them with a sense of certainty on which to base their recommendations and advice.

“This year, anything goes. The number of rumours circulating around pensions, ISAs, income tax hikes and other so-called wealth taxes is vast and disconcerting for advisers and their clients alike. It is unsettling to hear of so many of our adviser-partners’ clients putting financial decisions on hold, preferring instead to ask for advice and expertise so they can make plans for whatever might happen.”

Flagstone’s poll also explored what, specifically, is most concerning advisers when they consider the various rumoured Budget changes to pensions:

• 85% of poll respondents are worried that the tax-free lump sum will be reduced

• And 28% worry that HM Treasury will flatten the rate of pension tax relief at around 20-30%


• The survey of 103 UK financial advisers was conducted by Flagstone in November 2025