The Chancellor’s Budget may have delivered plenty for people to think about as they plan their finances, but it’s also highlighted just how vital professional financial advice has become. As shifting rules and rising uncertainty unsettle clients, Truly Independent’s Elliot Daniels tells us why he believes that advisers have an even clearer opportunity to demonstrate value, broaden their reach and rethink how they serve a widening range of clients’ needs.
Elliot Daniels is Head of Compliance at national, directly-authorised IFA, Truly Independent
As expected, the fallout from the Autumn Budget is far-reaching. Embattled Chancellor Rachel Reeves had warned in the run-up to November 26 that “each of us must do our bit”[1], and so it has largely proved. Almost everyone has taken a hit.
As the dust begins to settle, perhaps the clearest takeaway for advisers is that planning a client’s future is getting tougher. This is in no small part because governments, regardless of where they might sit on the political spectrum, keep moving the goalposts.
Maybe above all, there is now precious little in the way of stability. The basic concept of permanence – the comfort of knowing where the land is likely to lie in terms of issues such as pensions, inheritance tax and the sum required for a decent retirement – appears to be passé.
On all sorts of levels, of course, this is far from ideal. The swirl of dizzying speculation might be over, but uncertainty and confusion persist. Many people are bewildered, worried and even angry.
On another level, though, perhaps we should acknowledge a hugely significant truth: what has happened over the past few months – and what will very probably continue to happen – serves as a powerful reminder that financial advice can be of tremendous value.
It might even be said that the importance of professional, independent advice has never been more apparent. If so, as is often the way, what many may perceive as a crisis could go hand in hand with opportunity.
A greater appetite for expert advice?
Building on this notion, two further thoughts spring to mind. The first is that a Budget of this type clearly supports the idea of advice for all.
As we are all aware, there are millions of people in the UK who do not seek expert financial advice. There are several reasons why they are reluctant to engage with an industry whose fundamental purpose is to help improve lives.
One is simply that they see no benefit in doing so. Another is that they do not believe they should have to pay for advice – which is why family, friends and “finfluencers” are invited to fill the void in so many cases.
There is also the inherently dubious narrative that implies consumers should be capable of reaching their own decisions if they possess the “right” information. Quite what qualifies as such remains a hot topic for regulators and other interested parties.
I wonder how many of those who have questioned the adviser community’s worth might be reconsidering now. The collective shock to the system delivered by the Chancellor may change some long-held opinions.
Equally, I wonder how many advisers might be willing to cast their nets rather more widely. As my colleague Katie Brinsden has written on these pages in the past, one of our profession’s biggest collective failings is its long-held disinclination to look beyond a client base comprised of those who have already “made it”. Now could be the perfect time to explore untapped markets.
Why choice is more important than ever
This brings us to the second further thought, which centres on supply and demand. If the Budget somehow compels more people to seek expert financial advice – which seems a reasonable prospect – how can we ensure it is delivered efficiently and effectively?
In my view, the answer is obvious. We must move away from a one-size-fits-all approach to servicing clients, which has left independent advice looking more and more like restricted advice with less transparency.
In an industry where compliance and regulation can feel suffocating, it is understandable that firms have retreated to narrow, centralised propositions and simplified ongoing support strategies. Yet if all clients end up with the same product and service then how do we prove to them – and ourselves – that our recommendations are anything more than a foregone conclusion?
I am by no means suggesting a centralised proposition is a bad thing. But if we believe in financial advice for everyone then there must be scope for advisers to look outside such a proposition for those clients who do not quite fit.
Such an ethos can lend itself to a range of offerings. For example, at Truly Independent we have several ongoing support strategies, each aiming to provide a different balance of direct engagement and tech-enabled support – and each priced accordingly.
Today, not least in an era when “each of us must do our bit”, a one-size-fits-all model is an unhelpful anachronism. The positive outcomes should speak for themselves when we instead put clients first.
Elliot Daniels is Head of Compliance at Truly Independent.
[1] See, for example, gov.uk: “Chancellor’s scene-setter speech ahead of Budget 2025”, November 4 2025 – https://www.gov.uk/government/speeches/chancellors-scene-setter-speech-ahead-of-budget-2025.
