Advisers reveal number one concern for clients in 2023

Four in five (83%) advisers cite inflation as the number one concern for their clients this year, according to new research from Canada Life.

Inflation was closely followed by the value of portfolios, with 68% of advisers polled suggesting this is another key worry for their clients.

Despite a turbulent economic environment, fears over a recession ranked much further down, at 37%. Generating an income in retirement and the changes in CGT and dividend tax were of least concern with advisers suggesting one in four of their clients had concerns in these areas (26% and 25% respectively).

Shelley Greenwood, head of investment proposition at Canada Life, said: “Inflationary pressures continue to pervade the global economy, with clients feeling this acutely in both their day to day costs and the steady stream of news headlines. Client portfolios will not be insulated from the broader geo-political and macro-economic headwinds and this is where advisers will be helping their clients by providing peace of mind as well as ensuring plans remain on track. Advisers will know well sourced and well diversified portfolios will help clients weather the storms, which will pass with time.

“Ultimately, helping clients to understand the prevailing environment in the context of their own investments and encouraging them to stay the course and avoiding reacting to shorter term turbulence is where advisers will deliver the real return for their clients’ long-term financial goals.”