Some 33% of the 201 financial advisers surveyed told MetLife the June 8 vote and its aftermath are a “major concern for their business” over the next three months.
More than a quarter of advisers (28%) said election uncertainty has been preventing clients from making decisions.
Win a gift voucher by helping with our Financial Planning researchhttps://t.co/yxWIHMRbjG via @FPTodayNews pic.twitter.com/Al2lbhMS7F
— FP Today Magazine (@FPTodayMagazine) June 5, 2017
Research from MetLife showed election fears were more pressing than concerns related to the triggering of Article 50, cited by 27%, as the UK negotiates its departure from the European Union.
Some 43% of advisers believed the Brexit negotiations will have a negative impact on clients in traditional drawdown. Just one in three advisers said Brexit would benefit drawdown clients.
The survey intimated that advisers are convinced the Conservatives offer the most compelling vision for improving pensions, savings and financial advice, with more than half (53%) of those surveyed chose the Conservatives compared with just 21% backing Labour.
Around 34% of advisers surveyed wanted to see the Lifetime Allowance abolished while 31% wished for the Annual Allowance to be scrapped. Around 11% wanted the so-called Triple Lock on State Pensions maintained.
Richard Evans, intermediary development manager at MetLife UK, said: “Advisers may have hoped that political and economic uncertainty would have eased following the triggering of Article 50 but that was rapidly followed by the launch of a General Election.
“It is clear that the election is adding to the general uncertainty which is affecting long-term planning and complicating long-term decision making as clients react to the ups and downs of opinion polls and their impact on investment markets.
“Equity markets have remained robust but there is a growing concern that volatility will return, particularly as the EU exit negotiations start in earnest following the General Election result, whatever the outcome.”