With the 50% Income Tax rate, 5% Stamp Duty and the removal of some personal allowances we are seeing an increased need for the wealthy to review their tax plans.
With further changes likely after the election the next few months will see more need for sound financial advice. If you are a full-service IFA this is good news, but if you are a mortgage specialist it could be time to consider partnerships with non-mortgage advisers.
At some point in the next year interest rates are likely to creep up, which could spur the remortgage market into action as borrowers seek fixed term products.
So non-mortgage specialists may see clients requiring mortgage advice, which is where you come in. Working with respected partners could benefit you and provide some significant leads.
Mortgage and non-mortgage advisers have traditionally kept apart but it could be time to change this. The current uncertainty among the wealthy could provide an opportunity to look at strategic partnerships that broaden your horizon.
Also, consider whether your clients require Inheritance Tax advice and therefore new wills and trust plans to complement their revised tax planning. And could Stamp Duty mitigation schemes benefit your clients? These are issues a solicitor should be able to help you with.
Strategic partnerships, including with solicitors, could benefit your business and create new income streams.