New research1 from Canada Life reveals four in five (83%) advisers cite inflation as the number one concern for their clients this year. This was closely followed by the value of portfolios, with 68% of advisers polled suggesting this is another key worry for their clients.
Despite a turbulent economic environment, fears over a recession ranked much further down (at 37%). Generating an income in retirement and the changes in CGT and dividend tax were of least concern with advisers suggesting one in four of their clients had concerns in these areas (26% and 25% respectively).
Commenting on the findings, Shelley Greenwood, Head of Investment Proposition, Wealth at Canada Life said:
“Inflationary pressures continue to pervade the global economy, with clients feeling this acutely in both their day to day costs and the steady stream of news headlines. Client portfolios will not be insulated from the broader geo-political and macro-economic headwinds and this is where advisers will be helping their clients by providing peace of mind as well as ensuring plans remain on track. Advisers will know well sourced and well diversified portfolios will help clients weather the storms, which will pass with time.
“Ultimately, helping clients to understand the prevailing environment in the context of their own investments and encouraging them to stay the course and avoiding reacting to shorter term turbulence is where advisers will deliver the real return for their clients’ long-term financial goals.”
Press enquiries should be directed to:
Elle McAtamney at Canada Life, firstname.lastname@example.org
Notes to editors:
- Source: Canada Life research among 149 financial advisers, fieldwork January 2023.
About Canada Life:
Canada Life is part of a group of companies controlled by Great-West Lifeco Inc., a diversified financial services holding company headquartered in Winnipeg, Canada. Through its subsidiary companies, Lifeco has operations in Canada, the United States, and Europe. Great-West Lifeco and its insurance subsidiaries have received strong ratings from major rating agencies. Great-West Lifeco has over 30 million customers worldwide and £1.341 trillion assets under administration (as at 31 December 2021).
Canada Life Limited began operations in the United Kingdom in 1903 and looks after the retirement, investment and protection needs of individuals and companies alike. As well as providing stability and security through its individual contracts, Canada Life Limited has grown to become the leading provider of competitively priced group insurance solutions. Canada Life acquired Retirement Advantage on 3rd January 2018 for an undisclosed sum. The acquisition added over 30,000 retirement income and equity release customers and more than £2 billion of assets under management including a £1.5 billion block of in-force annuities to Canada Life.
Canada Life Limited, registered in England no. 973271. Registered office: Canada Life Place, Potters Bar, Hertfordshire EN6 5BA. Canada Life Limited is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.