Whether it’s inheritance tax reform creeping closer, pensions losing their once-sacred place outside the estate, or market ups and downs making clients unusually twitchy, financial planners have had their work cut out keeping calm and carrying on. To get a pulse check on where clients are heading and what advisers should be thinking about next, Jenny Hunter, Senior Financial Journalist at IFA Magazine, caught up with Dan Swift, Head of Financial Planning at TrinityBridge in this exclusive interview.
It’s safe to say that over the past couple of years, we’ve seen more twists and turns in the world of financial planning than an episode of Line of Duty. Dan shared the shifts he’s seeing in client behaviour, how planners can respond, and why keeping one eye on the horizon (but both feet on the ground) is more important than ever.
A year of shifting sands
Unsurprisingly, the 2024 Autumn Budget acted as something of a catalyst. Dan noted a clear uptick in questions around pension rules and, in particular, their evolving role in inheritance tax (IHT) planning. “It’s really been about clients asking, ‘what does this mean for me?’” he said. “That’s sparked more conversations, especially between family members.”
Clients are clearly more aware of the long-term consequences of policy changes—especially around pensions. Where once pensions were a tidy tool for passing down wealth outside the estate, the proposed 2027 changes have made clients pause. Some are starting to question whether topping up their pensions is still the right move.
But crucially, Dan and his team aren’t seeing panic. “For some, pensions were the plan. For others, they were just a bonus,” he explained. “We’re seeing people be a bit more selective—some stopping additional contributions, others rethinking wrappers—but no mass exodus.”
That level-headed response is encouraging. There’s a growing understanding among clients that financial planning is a long game. The key now is guiding them through these changes without overreacting.
Don’t just act—act smart
The lesson from the past six months? Clients are slowly learning not to leap at every rumour. And that’s no bad thing.
“We had all sorts of speculation before the Autumn Budget, much of which didn’t happen,” Dan noted. “So, when the Spring Statement came around, people were a little more measured. There wasn’t that frenetic ‘do something now!’ vibe.”
It’s a sign that more clients are thinking strategically rather than emotionally—and that advice-led planning is having the intended impact. But Dan warns against complacency. “We still need to be proactive. Just because clients aren’t reacting to every headline doesn’t mean they don’t need support interpreting what’s really going on.”
And while the proposed pension IHT changes are now on the books, the 2027 implementation date gives advisers valuable breathing room. “There’s time to weigh up the options, model scenarios, and avoid knee-jerk decisions. We’re using that window to prepare clients properly.”
That includes encouraging clients to look at insurance-based solutions, gifting strategies, and alternative tax wrappers. “Some clients are still contributing to pensions, especially where retirement income is the main goal. But those using pensions as an estate planning tool? They’re understandably being more cautious now.”
ISA panic? Not quite…
ISAs, too, have crept back into the spotlight thanks to a swirl of reform rumours. In the lead-up to the end of the 2024/25 tax year, Dan’s team noticed clients topping up faster than usual.
“Even though the Spring Statement didn’t do much, the written documentation kept the ISA reform door open,” Dan explained. “And that was enough to prompt action.”
It’s a curious thing. In some ways, the mere possibility of reform is having more impact on behaviour than the changes themselves. “We always say don’t act on rumours,” said Dan, “but if you were planning to use your ISA allowance anyway, why wait?”
Clients are becoming increasingly savvy about the fragility of tax reliefs. And with ISA allowances under scrutiny—particularly for cash products—it makes sense to lock in benefits while you can. “The British ISA may never have materialised,” Dan said, “but the underlying theme—encouraging investment over cash—isn’t going away.”
We’re also seeing a shift in how clients view ISAs—not just as a tax-free savings pot, but as a flexible planning tool. Whether it’s cash flow management, early retirement bridging, or intergenerational gifting, ISAs remain a core part of the tax-efficiency toolkit. And if allowances are restricted in future? Those who’ve used them consistently will be glad they did.
Inheritance tax planning priorities…
With pensions set to become part of the estate, inheritance tax planning has re-emerged as a core conversation with clients—especially those with significant defined contribution pots.
Dan’s message is clear: “Use the time we’ve got. The worst thing would be to get to 2027 and not have a plan in place. We’re encouraging clients to explore insurance, trusts, gifting, and everything in between now—so they’re not forced into rushed decisions later.”
For many clients, this shift has created space to rethink their legacy goals. “We’ve had people reconsider how they want to pass on wealth—some are giving more now rather than later. Others are restructuring family assets with future tax in mind.”
The good news is that the conversation is happening. Clients are more open to exploring new strategies and thinking beyond the traditional pension-plus-property approach. But advisers need to be proactive. “We’ve got to start these conversations,” Dan said. “Clients aren’t always sure what’s possible until we show them.”
Markets on the move
Volatility is nothing new. But after a relatively calm 2024, the choppiness of early 2025 has put markets back in the spotlight.
Interestingly, the response from clients has been less panic and more curiosity. “They’re not saying, ‘Get me out,’” said Dan. “They’re saying, ‘What are we doing about this?’”
It’s a subtle shift, but a welcome one. Clients aren’t demanding to time the market—they’re looking for reassurance that their strategy still makes sense. “We’re having more asset allocation conversations,” Dan explained. “Clients want to understand how their portfolios are positioned, especially when US equities are wobbling.”
For clients nearing retirement, the focus is on income stability. “If we’ve done the planning right, volatility shouldn’t derail the drawdown strategy. It’s about reassuring people that the rest of their money is still invested for the long term.”
Dan also reminded us of the emotional component. “During COVID, no one knew what was coming. That uncertainty was frightening. But now? Clients can see what’s driving market moves. That makes a difference.”
In other words, transparency and communication matter. The more we explain, the more confident clients feel—even when markets are less than friendly.
Practical moves for the year ahead
So, what should advisers be doing now to help clients stay on the front foot?
Here are a few pointers from Dan that might resonate with your own client conversations:
- Start IHT conversations early – Use the 2027 pension rule change as a reason to revisit estate planning. Even if clients aren’t ready to act, exploring options now avoids last-minute stress.
- Reinforce tax wrapper use – Whether it’s ISAs, pensions or bonds, encourage clients to use allowances early in the tax year. Better to bank the benefit than risk losing it later.
- Review asset allocation strategies – Volatility isn’t a reason to panic, but it is a reason to check that portfolios still reflect clients’ goals and risk tolerance. Especially for those nearing drawdown.
- Educate around ‘market noise’ – Help clients distinguish short-term headlines from long-term planning. Confidence often comes from understanding.
- Stay agile, but steady – Policy may change. Governments may change. But the fundamentals of good advice don’t. Don’t let speculation dictate strategy.
Keep the conversation going
Perhaps the biggest takeaway from this discussion is the value of staying engaged. Financial planning isn’t just about reacting to rule changes or chasing tax breaks. It’s about helping clients live the life they want—confident that their money is working as hard as it can.
Clients don’t expect us to predict the future. But they do expect us to help them make sense of it—and to help them prepare for what might be around the corner.
As Dan put it: “If you’ve got a sound plan, market noise and tax tweaks shouldn’t derail it. That’s what we need to keep reminding our clients—and ourselves.”
Here’s to helping them stay the course.
About Dan Swift
As the head of Head of Financial Planning at TrinityBridge, Dan leads a team of Managing Directors and Financial Planners to deliver quality advice to our clients across the UK, and help them achieve their goals. His career at the company spans over 14 years and Dan himself is a Chartered Financial Planner with over 20 years of industry experience.
