Other key findings

Here, we provide a round-up of other interesting results from our survey of advisers, advised investors and non-adviser investors.

As of March 2027, unused pension funds may be included in a person’s estate for Inheritance Tax (IHT) purposes, marking a profound shift in how families must approach estate planning. This complex legislative change creates new challenges for families and their advisers as they prepare for a significant transfer of wealth across generations.

When speaking to advisers, we found the following were cited as the biggest challenges clients face when thinking about transferring wealth to family:

With the 2027 Inheritance Tax changes rapidly approaching, conversations around wealth transfer need to move to a higher and more urgent level. As more pension assets are brought into scope of IHT, forward planning and intergenerational conversations supported by advice will be critical to helping families adapt before the changes start to bite.
Gareth Davies

In light of these impending changes, advised clients are actively revising their plans:

In sharp contrast, a significantly higher proportion (42%) of non-advised investors say the legislative changes have had no impact on their plans. This clearly highlights the crucial value of forward planning and seeking professional advice to navigate complex financial planning reforms.

We spoke to 192 advisers in the 2025 wave of the Investor Confidence Barometer. Across all age groups, 87% of the advisers were men, and 13% were women, clearly highlighting the significant work needed to increase diversity across the advice profession.

Encouragingly, looking at the younger generations, the proportion of female advisers rises to 23% for those in the industry aged between 18 and 35. This is a positive shift, but it still highlights a real gender imbalance that must be addressed across all roles in our industry.

Driving this change is essential. Developing strong relationships, finding common ground, and sharing experiences are vital to building the important partnerships the industry relies on. Diversity of experience, life stage, background, and gender are all incredibly important as we build a profession fit for the future.

That is why we are really proud of our partnership with Her Wealth Network to actively tackle gender inequality and boost female representation in financial services – and it’s something we remain committed to.