Two in five or 39 per cent of IFAs are more stressed than they were during the 2008 financial crisis, according to new insight from Opinium.
A third of respondents claim to have increased their work hours, and a quarter report feeling apprehensive about how the government’s announcement will affect their company.
This additional stress has been affecting IFAs’ lives outside of work as well. A quarter of those affected by the budget say their mental health has suffered, a third report that they don’t get to see friends and family as often, and nearly a third report that they have trouble sleeping.
But following the budget release, nearly two out of every five clients made more inquiries than usual. Additionally, when asked about business prospects over the following year, 56 per cent of respondents said there would be an increase in the need for assistance generally, and 58 per cent believed they would gain clients as a result.
People who are worried about the performance of their savings and investments have contacted advisers the most, followed by people who are purchasing property and people who are nearing retirement.
Opinium head of financial services research Alexa Nightingale says: “The impact of the latest budget announcement from the Government on the economy has been clear, and in turn our research highlights the effect this has had on advisers in the UK. It is understandable that many clients will be seeking advice on what the new economic landscape will mean for them, and so could signal a sustained uptick in advice enquiries and IFA business volumes.
“Hopefully, this flurry of activity will level out somewhat in the near future, so that those advisers who are feeling more stretched can go back to a more manageable workload.”
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