Article last updated 30 October 2025.
The findings from an independent study of 100 peer-group independent financial advisers (IFAs), commissioned by Rathbones, reveal that 91% of advisers have experienced an increase in client queries. These concerns are primarily focused on the potential reversal of the pension lifetime allowance abolition, possible changes to the pension tax-free lump sum, and inheritance tax.
Among IFAs reporting an uptick in client queries ahead of the Budget, nearly a third (31%) have seen a spike of 26–50%, while two-thirds (66%) report an increase of 11–25%.
The most common topics raised as areas of concern by clients include:
- Lifetime allowance abolition changes (73%)
- Drawing down pensions tax-efficiently (55%)
- Inheritance tax planning and gifting strategies (49%)
- Passing on pensions to heirs (49%)
- Pension tax allowances (33%)
- Trust structures (21%)
- General retirement income planning (8%)
Advisers say they are facing mounting challenges in responding to this wave of concern. The top three hurdles cited are:
- Explaining complex rules in simple terms (78%)
- Keeping up with potential legislative changes (74%)
- Clients wanting immediate action before rules are confirmed (68%)
Despite the uncertainty, advisers feel well-positioned to respond to any material changes announced in the Autumn Budget, with 99% saying they feel either very (50%) or fairly prepared (49%).
The adviser survey follows a separate Rathbones poll of 460 clients with up to £5 million in investable assets, which found that 43% expect to require advice on inheritance and estate planning over the next 12 months, amid mooted changes to the inheritance tax regime. Gifting, which accounts for 11% of queries, has also seen increased interest. Both areas have trended sharply upwards since the start of summer through to mid-September.
Other areas of client interest include tax efficiency (14%), later life planning (10%), retirement and pensions (9%), and cashflow management (5%). Ethical and impact investing, philanthropy, school fees, and mortgages each make up a smaller proportion of queries but remain relevant for specific client segments.
Faye Church, Senior Financial Planning Director at Rathbones, says: “The findings highlight the heightened anxiety among clients as they seek clarity and reassurance in an evolving financial landscape. While speculation around a reversal of the pension lifetime allowance abolition has largely flown under the radar, potential changes to the tax-free pension lump sum have dominated Budget-related conversations - yet both are top concerns among our clients.
“Advisers are working hard to provide clarity in a fast-moving environment, but the volume and complexity of queries show just how important it is for the Budget to deliver clear, timely guidance.”