With Theresa May taking the hot seat from Cameron in June, it was expected that she’d face a number of political challenges. One of the greatest of these challenges has been changes to pensions, leading the British public towards a higher need for pensions advice. But are accountancy firms seeing the change?
Said to be the biggest problem in her in-tray following the referendum, according to The Independent, the “triple lock” on pensions could be axed if we face an economic meltdown, meaning the 25% increase in pension pay outs could be cut.
How serious is this threat?
This is Money report that politicians are keen to avoid pension cuts as it’s the older generation who vote, however political pressures on public finances could force May into a decision,depending on the UK’s economic position, following Brexit.
What does this mean?
With such speculation and uncertainty at this point, pensioners and those saving for retirement are understandably concerned. This has led to an increase in the need for pensions advice. People want to know how they may be affected and what they can do as a plan B.
If you’re an accountancy firm, you may already be seeing an increase in businesses seeking accountancy advice, but individuals seeking pensions advice may also be on the rise as well as individuals looking at other investment opportunities, to combat the changes.
Over a third of over 65s are online
Age UK statistics show that over a third of over 65s are online and this statistic is increasing.
This means that a large proportion of pensioners will be looking for local accountants via the internet, to help with pensions advice and other money matters.
Does your accountancy firm offer pensions advice and advice on personal accounts? Are you looking to grow this?
How visible are you to clients needing pensions advice?
If you’re keen to grow your business for pensions advice and other personal financial advice, then now may the time to look at how well potential clients can find you online and the marketing effort required to get there.
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