Henry Tax Review to generate strong advice demand
Advice firm Austock Financial Planning is anticipating revenue growth opportunities to emerge out of the Henry Tax Review, which is scheduled to report in December.
Principal John Short said the growth opportunities for the firm, which was launched by broker Austock in June last year, may emerge most notably in taxation and retirement if significant planning changes are implemented by the review.
“We believe there will be strong financial planning demand from new clients and also from existing clients for additional services if the review proposes significant changes in these areas.
“The review is very much involved in issues of tax planning, for example, and most financial advice will have some tax implications, offering many opportunities for client strategy reviews.”
Short said significant parts of the review also “revolve around retirement income, such as the design of retirement products in terms of longevity issues, which is a big issue at the moment, with the volatility of markets”.
“This could well result in the launch of new products in the retirement markets, which in turn would also create growth opportunities among new and existing clients,” he said.
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