Do we, then, concentrate too much on helping our clients to reduce their tax liabilities? Often, we’re first contacted by those worried in particular about Inheritance Tax. They’ve perhaps seen the sale price of a house next door, and realise that they are, by default, richer than they thought. Sometimes the ‘problem’ (not theirs, I guess, but their family’s when they’ve gone) is much bigger. And I have to say over the years that no more than a handful of many hundreds or thousands with whom I’ve spoken have said they’re quite happy to pay and not try to reduce what’s due. With other taxes, those on investment income and interest and, of course, capital gains, there is increasingly little we can do but say ‘it’s a nice problem to have’ or ‘pay more into your pension’. We wouldn’t be doing our job if we didn’t try or at least inform; but, yes, I guess, it should never be the be-all.
“The journey towards hyper-personalisation in financial advice”
No, me neither. ‘Hyper Personalisation’ sounds like the financial advice equivalent of, not just a tailored suit, but made to measure shoes, shirt, socks and underwear.
