Advisers expect demand for tax and estate planning to increase

According to a new poll1 of financial advisers by Canada Life, over 58% of IFAs expect demand to increase for tax and estate planning advice over the next five years. A further 39% of advisers expect demand to remain the same, while only 2% thought they would see a reduction in demand for advice in this area in the future.


This comes at a time when the market is witnessing exponential growth in the ‘Complex Families, Complex Finances’ demographic. This is a group of retirees whose family situation complicates their financial needs and planning. They currently account for a third of the market but are expected to be the largest group in the retirement market by 2035.


In separate research2, as part of the sponsorship of the AKG report ‘Future of Advice – Beneath and Beyond’, Canada Life found that a third (32%) of consumers would be happy to pay for specific advice on inheritance tax planning. A further 39% also said they would consider paying for the services of a financial adviser when thinking about their retirement planning and choosing to retire.


Neil Jones, tax and estate planning specialist at Canada Life said:


“Advisers are clearly seeing an increase in demand for their services. This is being driven by consumers seeking advice on later life financial planning needs, many of whom have been prompted to take action by the global pandemic. This is a sweet spot for advisers as we witness exponential growth in the ‘Complex Families, Complex Finances’ demographic.


“Financial planners looking to the future will see the potential for opening their door to new clients and producing holistic plans that not only help clients today but create the potential to advise multi-generational family units too.”


  1. Source: research conducted by Opinium Research among 200 financial advisers, fieldwork 13th – 19th November 2020.
  2. Source: