The UK Spring Statement was an opportunity for just this kind of change to come – and advisers will have breathed a sigh of relief that it brought nothing immediately new from a tax and saving policy perspective.

But the accompanying documentation did confirm that the government is reviewing options to reform ISAs to ‘get the balance right between cash and equities.’

We await detail on what this might look like, and when it might happen. Any change would undoubtedly mean a squeeze on advisers as they replan and re-engage with affected clients. And whatever you think of the debate on cash ISA levels, the industry would need to support non-investors in taking their first steps into equities – in turn, possibly bringing more people into advice.

Alongside ISA reform, the ‘new’ factor likely to most affect capacity this tax year is the plan to bring Inheritance tax (IHT) into pensions. It’s a significant evolution of the landscape. While we don’t yet know exactly how things are going to proceed, it will be prompting some existing clients to ask new questions and eventually even revisit their arrangements, putting additional demands on adviser time now and into the future that firms will need to plan to manage.

However, just like ISA reform this is also an opportunity for advisers to engage with the unadvised and demonstrate the value of advice on a very important part of people’s financial lives, and specifically highlighting the peace-of-mind that expert-supported planning can deliver.

Holding space

Of course, any sort of activity or support – whether for existing clients, or to the wider market – is dependent on advisers having the time to deliver it. And while we believe we're unlikely to see many more significant swings in the policy landscape over the coming months, the current picture doesn’t do much to alleviate the pressures that advice businesses remain under.

From an operational perspective, efficiency is therefore going to remain a focus, and an imperative, for this tax year. And the sector’s partners need to remain focused on what they can do to be advocates for just this.

This means continuing to ensure our products and services help them do more, with less – an area where technology improvements and ever-closer integration will be critical. And we need to maintain a constant exchange of insight and experience. This will be particularly important when it comes to sharing technical information as advisers navigate the unfolding policy landscape around complex areas like IHT.

Going further

A new financial year is also a moment to think about strategy and ‘big picture’ questions.

As a sector, we prompt our clients to take this view when we ask them about their long-term goals. What would the answer be if we as an industry had to answer a similar query?

Beyond the clear responses of growth and resilience, two things that I think should be on our collective lists are greater integration and greater diversity.

Better integration is all about continuing to make sure that our technology, workflows and touchpoints work seamlessly together to support each other’s purpose and strengths. Done well, it will not only support the delivery of better outcomes through better tools, but also remove the inherent inefficiencies that lurk in non-integrated space and add up to drain advisers’ time and profitability – something that also has a bearing on capacity.

Meanwhile, improving diversity – whether that’s in terms of gender, race or socio-economic background – equates to improvements in the diversity of thought and experience we have within our team. This will be essential to us attracting and retaining the very best talent within our businesses, and to serve a broader, deeper range of clients more effectively.

A forward view

While this new year is less marked by parties and more by deadlines, it’s as valuable an opportunity to think ahead to what’s coming down the line, both in terms of the challenges and the opportunities.

As always, by continuing to work together, we’ll get closer to our goals – building even better businesses that deliver even better outcomes.