Investments

Tax-Free Wealth Building in 2025: The Rise of Whisky Casks

A niche investment going mainstream

For years, whisky cask investment has been a quiet corner of alternative investing – something discussed more in collectors’ circles than in financial advice meetings. But 2025 is seeing a shift. Headlines talk about whisky casks as a tax-free wealth-building tool and investors are increasingly curious about whether this is a serious asset class or just another fad.

Cask Capital describes whisky casks as one of the “last tax-free investment opportunities in the UK,” highlighting both the capital gains tax exemptionand the growing global appetite for rare spirits. But as with any trend that promises outsized returns, financial advisers and paraplanners need to separate the marketing from the mechanics.

Why investors are drawn to casks

According to recent commentary:

• Tax treatment: Whisky casks are classified as a “wasting asset” in the UK. This means they typically escape Capital Gains Tax (CGT). That’s a powerful hook for clients searching for tax efficiency.

• Supply and demand: Whisky production is limited, maturation takes years, and global demand-particularly from Asia and North America-has never been stronger.

• Portfolio diversification: As an alternative investment, casks aren’t correlated with equities or bonds. They can add resilience in volatile markets.

It’s no wonder some investors now see whisky casks as a tangible, inflation-resistant store of value.

The practical risks

Of course, not all that glitters (or glows amber in a glass) is gold. A sober perspective is essential.

• Liquidity: Selling a cask isn’t like trading a share. The market is opaque, and exits can be slow.

• Valuation uncertainty: Cask value depends on age, distillery, and storage conditions. Transparent pricing data is limited, making it difficult to assess fair value.

• Fraud and mis-selling: Which? recently warned about firms overpromising or disguising fees in whisky investment schemes. This is a red flag advisers must highlight when clients show interest.

The FCA has also flagged concerns about niche, unregulated investments being sold without appropriate risk warnings. As with crypto a few years ago, consumer protection is the big question mark.

Choosing the right cask (if at all)

For clients who remain intrigued, there are some practical filters:

• Work with reputable brokers – Organisations like London Cask Traders and Cask Capital provide educational resources and (to an extent) pricing frameworks.

• Focus on established distilleries– Well-known Scottish distilleries with consistent brand value are less risky than newer entrants.

• Understand storage– Where and how the cask is matured affects both quality and value. Poor warehousing can erode returns.

• Plan the exit– Whisky isn’t just held; it’s sold. Advisers should stress the importance of understanding resale channels and timelines.

For advisers, the key is helping clients weigh the romance of owning a whisky cask against the practical realities of managing an illiquid, alternative asset.

What to tell clients

• Whisky cask investment candeliver attractive returns, but it’s not risk-free.

• Tax benefits are real but depend on HMRC continuing to classify casks as wasting assets. Policy changes could alter this.

• Due diligence is critical. If a client brings you a glossy brochure promising double-digit annual returns, approach it with the same scrutiny as any unregulated scheme.

Ultimately, advisers should frame whisky casks as a specialised, high-risk allocation-a potential addition for well-diversified, high-net-worth clients who understand the risks, but not a mainstream tax solution.

Our take

At We Complement, we don’t dismiss niche investments outright. They can spark valuable client conversations and open doors to deeper planning discussions. But our role-as paraplanners, advisers, and suitability consultants-is to stress test the logic, highlight the pitfalls, and make sure clients are making decisions with eyes wide open.

As the FCA’s Consumer Duty continues to sharpen expectations around evidencing good outcomes, it’s never been more important to document whyan investment is or isn’t appropriate. And whisky, for all its allure, demands that kind of clarity.

Final thought

Alternative investments like whisky casks will always attract attention, particularly in uncertain markets. The real test for advice firms is whether these ideas are handled with rigour and balance. Clients deserve both the excitement of opportunity and the discipline of good governance.

If this resonates with what you’re seeing in client conversations, we’d love to hear from you.

With cash rates peaking and bond yields back in the spotlight, many income strategies are being re-evaluated. For advisers and paraplanners, the question is no longer “Where can we park money for 5%?” – it’s “What’s going to sustain that income for the next five years?”

UK infrastructure might just be one of the answers. It’s a sector that’s been quietly generating consistent income, even while market sentiment took a nosedive. So this week, we’re revisiting the case for infrastructure in income portfolios – and whether its fundamentals still stack up.

Infrastructure: Out of Favour, Not Out of Options

UK-listed infrastructure funds have had a tough run. As interest rates climbed, discount rates rose, which put downward pressure on the capital value of long-dated income streams – a big hit to assets like schools, hospitals, and renewables with 20–30 year leases.

But not all funds are equal — and the ARC TIME UK Infrastructure Income II Fundis a good case study in how this sector continues to work for the right clients.

• 12-month return (to June 2025): -4.52%

• Current yield: 5.15%, paid monthly

• Occupancy rate: 96%+

• Asset mix: social infrastructure, supported housing, logistics hubs  → View the June 2025 factsheet

Despite the drop in NAV, income delivery has remained stable – and for investors in drawdown, that’s arguably more important than daily pricing.

Why Infrastructure Got Bumpy

Here’s what’s been weighing on infrastructure valuations lately:

1. Rising Discount Rates

Higher interest rates reduce the present value of future cashflows, which disproportionately affects assets with long-term revenue contracts — like infrastructure.

2. Political Uncertainty

As highlighted in Professional Adviser’s recent coverage, UK government changes to planning rules and renewable support have created instability, delaying capital investment and spooking markets.

3. Sentiment and Share Price Discounts

Many listed infrastructure trusts are trading at significant discounts to NAV — not necessarily because of performance issues, but due to investor sentiment and sector outflows.

Still a Case to Be Made?

There’s good reason not to throw the baby out with the bathwater.

The fundamentals of income-focused infrastructure remain solid:

• Stable tenants(often government or NHS-backed)

• Inflation-linked rental agreements

• Essential service assetsthat aren’t subject to discretionary spending

That monthly 5%+ yield is still being delivered. And for investors willing to look past current sentiment, the current pricing might even represent value.

How Advisers Are Using Infrastructure Now

According to M&G Wealth’s Q2 2025 investment update, infrastructure:

• Is stabilisingfollowing 18 months of negative flows

• Remains popular with drawdown clients, particularly those aged 60+

• Is being blendedwith other alternative income sources like REITs and corporate debt

Advisers aren’t abandoning infrastructure – they’re simply repositioning itas part of a diversified income strategy, rather than a stand-alone winner.

Portfolio Positioning: What to Consider

When reviewing infrastructure in client portfolios, keep these practical points in mind:

• Match the strategy to the objective– infrastructure is best for income, not growth

• Look beyond short-term returns– is the fund delivering consistent yield?

• Watch for transparency– does the fund disclose occupancy, rent collection, and lease terms clearly?

• Check liquidity– some daily-dealt funds are more suitable for platform use than listed trusts, especially for cautious clients

• Educate clients– infrastructure income is real and physical, but pricing can be volatile

Our View

Infrastructure isn’t broken – it’s just caught in the wrong moment. As rate cuts begin to appear on the horizon, and investor nerves settle, long-duration income strategies like infrastructure could quietly return to favour.

If you’re building portfolios for clients who want predictable income with real-world impact, this sector is still worth serious consideration.

Got questions? Just reach out – no pitch, just people who get financial advice.

Published in the Investment Matters series by the We Complement team Subscribe to our LinkedIn newsletter for weekly insight on what’s moving inside financial planning.

👋 Hi, I’m Lucy. At We Complement, we like to keep an eye on the less-talked-about corners of investment conversations, especially when clients are exploring passions outside the platform.

This month? It’s coins.

And not just any coins – rare, historic, and highly collectable coins that are attracting attention as both personal heirlooms and alternative assets.

So, should planners take it seriously? Here’s what you need to know when a client wants to talk sovereigns and silver instead of stocks and shares.

💰 Why Coins Are Gaining Traction in 2025

✅ Tangible value – Coins are physical assets with intrinsic metal content and historic or cultural significance. Clients like that they’re real, portable, and often beautiful.

✅ Portfolio diversification – The coin market doesn’t move in sync with equities, which can make it an appealing hedge in volatile markets.

✅ Generational appeal – Coins often carry a story, making them attractive for legacy planning or gifting strategies.

✅ Rising interest – 2025 is seeing increased demand for rare UK coins, especially with collectors eyeing undervalued editions from the late 20th century and post-monarchy transitions.

✅ Tax perks – Certain UK coins (e.g. legal tender gold sovereigns and Britannias) are exempt from Capital Gains Tax.

⚠️ Things to Flag with Clients Before They Dive In

Not all coins are created equal: Just because it’s old or gold doesn’t make it valuable. Rarity, demand, condition, and provenance matter most.

It’s a specialist market: Liquidity can be limited, and pricing is influenced by collectors, not markets.

Risk of forgeries: Authentication and trusted dealers are non-negotiable, especially in the online marketplace.

Storage and insurance: Coins may need secure vaulting, and premiums can add up.

Sentiment vs strategy: Many clients buy coins because they love them. That’s fine, but it should be treated as a passion investment, not a guaranteed growth vehicle.

🧠 What Planners Should Keep in Mind

Know the tax angles: Gold bullion coins that are UK legal tender are CGT-free. That’s worth factoring into planning conversations.

Ask about intent: Is the client building a collection for fun, or as part of a long-term portfolio? The answer changes the advice.

Encourage slow starts: As with any alternative investment, starting small and learning from experts is a safer route in.

🔎 Want to go deeper? Here are some useful reads:

Investing in Coins: Why 2025 is the Year to Buy

Top 5 Rare Coins to Watch in 2025

Collectable Coins in the UK: 2025 Guide

Ultimate Guide to Coin Collections UK

📌 Summary for Financial Planners

Coins can be a compelling addition for clients who value history, physical assets, and tax efficiency. But as with art or wine, passion can blur investment judgment. Help clients approach coin collecting with clear eyes and the right questions.

📩 Want to explore how we support advice firms with niche client conversations like this one? Let’s chat.

Market Update – Confidence Returns, But Keep a Steady Hand

US equities led the charge in early June, with the S&P 500 posting its strongest monthly gain in 18 months. Strong employment data and renewed hopes of improved US-China trade relations helped ease market nerves. Emerging markets also joined the rally, buoyed by positive sentiment globally. But advisers should stay alert: optimism doesn’t cancel out volatility. With global elections in full swing and rate expectations shifting weekly, there’s plenty still to keep clients on edge.

✅ Adviser tip: Don’t wait for a wobble, use recent strength as a proactive check-in point. “Here’s what’s changed, and what it means for you.”

✅ Paraplanner tip: Add a global equities snapshot to mid-year reviews. Clients appreciate seeing performance and purpose side-by-side.

Source: Sarasin & Partners

Renewables – Progress or Pause in a Politicised World?

Global renewable energy capacity hit a record-breaking 510GW in 2023—the 22nd consecutive year of growth—and 2024 kept the momentum going, driven by supportive policies and ambitious global targets.

But 2025 has brought fresh uncertainty.

Following the January inauguration of President Trump, the US has started rolling back several key clean energy policies. Early executive orders have promoted oil and gas, imposed new restrictions on wind development, and signalled an intent to withdraw from the Paris Agreement once again.

At a recent @Greenbank Green Shoots webinar, industry leaders asked the big question: Could this derail the clean energy transition – or just reshape it?

✅ Adviser tip: ESG-conscious clients may need more context than ever. Be ready to explain how policy shifts affect long-term investment themes.

✅ Paraplanner tip: Review ESG notes and fund selections—clear documentation builds confidence when clients are questioning headlines.

Platform Watch – Timeline Just Got More Powerful

Timeline continues to level up, making life easier for advisers and paraplanners alike.

Here’s what’s new:

✅ Support for Offshore Bonds, JISAs, and Joint GIAs

✅ Improved integrations with intelliflo, Plannr Technologies Limited, and moneyinfo

✅ Real-time transfer tracking and secure client messaging

✅ Letters of Authority (LoAs) now 98.8% error-free, with better visibility and provider tracking

But the standout? Modular Reporting.

This new feature lets you build client reports your way – quickly, clearly, and with no wasted pages.

🧩 Pick the sections you need (like performance, planning summaries, or fee analysis) 🧩 Tailor layouts to suit each client 🧩 Compare portfolios side-by-side 🧩 Add your own commentary, and hit send

Whether you’re using a ready-made template or building your own, Modular Reporting saves time and delivers clarity.

✅ Adviser tip: Use modular reports to make client reviews more visual, relevant, and easy to follow

✅ Paraplanner tip: Create go-to templates for common client types, then customise in seconds

Final Thought – Tech Helps, But People Make the Difference

From political shocks to platform wins, this month’s stories remind us: the tools might change, but trusted advice is what clients remember. If you’re feeling the pinch on time, capacity, or clarity, we’re here. At We Complement, we support advisers behind the scenes with smart, scalable paraplanning. You shine out front – we’ve got your back.

📩 Got questions? Need an extra pair of hands? Send @amynorth a message – she’s always up for a proper chat (and might just solve three of your problems in one go).

As a paraplanner here at We Complement, I’m always looking at how real-life passions show up in financial plans.  Over the past few months, I’ve had more than a few conversations about art – not in a museum sense, but as a genuine investment consideration. Whether it’s a client asking about owning a painting outright, or exploring fractional platforms, it’s clear that art is becoming more than just a ‘nice to have’ on the wall.

So this month, I’ve pulled together the key things planners should know when this topic comes up, because as with any specialised investment, the detail matters.

Art as an Investment: Pastime or Portfolio Play?

The Upside: Why Clients Are Drawn to Art

– It’s tangible and meaningful. Unlike a unit price on a platform, a painting is something clients can see, enjoy, and connect with, often for years.

– Potential for growth. While speculative, some emerging artists or trending movements do appreciate significantly over time.

– Diversification benefits. Art doesn’t track the stock market, so it can offer a hedge during volatility or inflation spikes.

– Legacy appeal. For some clients, it’s not about returns, it’s about passing on something culturally or emotionally valuable.

– New ways in. Platforms now allow fractional ownership, curated digital collections, and simplified access. No galleries or auction houses required.

The Caution Flags: What Planners Should Consider

– It’s not liquid. Selling art is rarely quick or easy. Clients need to be in it for the long game.

– Valuing art isn’t straightforward. There are no balance sheets or earnings reports, just market trends, expert opinions, and what someone is willing to pay on the day. Costs add up. Storage, insurance, restoration, and transaction fees can bite into gains.

– Authentication matters. Provenance and condition are everything. A lack of due diligence can lead to expensive lessons.

– Trends change. Today’s darling can be tomorrow’s forgotten name. The art world moves fast, and not always predictably.

What to Keep in Mind as a Planner

– It’s often a passion play. For many clients, art ownership is about enjoyment and legacy – not just returns. Help them frame expectations accordingly.

– Tax treatment differs. Capital gains rules for art don’t align neatly with standard investment products – make sure clients understand the implications.

– Due diligence is critical. If a client is serious about entering the art market, connect them with trusted specialists or platforms that prioritise transparency and authentication.

Summary

Art can be a genuinely enriching (and sometimes lucrative) addition to a client’s broader portfolio, but it’s not for everyone. Approach it as you would with any alternative investment: with curiosity, caution, and context.

Further Reading for Financial Planners

How to Invest in Art for Beginners: Why Art is a Good Investment in 2025

How to Invest in Art and Collectibles: From Pastime to Portfolio

Helping financial planners and paraplanners turn insight into action.

US Equities – Political Risk or Practical Diversification?

An increasingly frequent question from clients: “Am I indirectly supporting Trump if I invest in US markets?”

While it’s a stretch to suggest that holding US equities equates to political endorsement, this is a reminder that for some clients, values and perceptions matter just as much as performance.

• The US remains a global growth engine, and for most clients, exposure is about long-term diversification, not politics.
• However, for clients who are ethically conscious—or simply concerned about where their money flows—it’s worth engaging in that conversation seriously.

✅ Planner tip: Add values-based preferences to your review agenda. Even if clients don’t raise it, opening the door shows that you’re listening. ✅ Paraplanner tip: If clients have specified ESG or values preferences, reflect this clearly in your investment rationale and documentation.

🔗 Read more – FT Adviser

💷 ISAs – Still a Favourite, But Facing Reform?

ISAs continue to be the go-to tax wrapper for UK savers—but their structure could soon change. The Treasury is actively reviewing the ISA system, including:

• Consolidating the various ISA types (Cash, Stocks & Shares, LISA, IFISA), which could streamline choice.
• Reviewing access rules and considering incentives to encourage long-term investing in UK markets.

The current system still works—but clients with multiple ISAs, or unclear product choices, may benefit from early clarification.

✅ Planner tip: Encourage clients to make full use of this year’s allowances while rules are still stable. It’s a great check-in opportunity. ✅ Paraplanner tip: Review client records for ISA fragmentation—especially where Lifetime or Innovative Finance ISAs may soon be affected.

🔗 Read more – FT Adviser

📉 Volatile Markets – Where Were the Advisers?

A new report reveals that only 2% of investors sought advice during recent market volatility. That’s a missed opportunity—for them and for the profession.

It highlights how many retail investors are still “going it alone,” and how few understand the reassurance and value that advice can provide during downturns.

✅ Planner tip: Market dips are a cue to reach out. A short, steadying message can do more for trust than a flashy annual review. ✅ Paraplanner tip: Develop a “market update” template that can be adapted quickly for client emails or review packs when turbulence hits.

🔗 Read more – FT Adviser

📈 Platform Watch – AJ Bell Breaks £90bn

AJ Bell has surpassed £90bn in assets under administration, with profit and adviser adoption both up. It’s a signal that:

• Platform choice matters more than ever—especially under Consumer Duty scrutiny.
• Scale brings benefits, but also the need to keep an eye on service standards, integrations, and pricing.

✅ Planner tip: Review whether your preferred platform still meets your clients’ evolving needs—and whether your recommendations reflect this. ✅ Paraplanner tip: Track new functionality or cost changes from providers. An internal comparison matrix can make reviews far more efficient.

🔗 Read more – Money Marketing

🧭 Final Thoughts – Make Proactivity Your USP

What links this month’s stories? Not just market noise or new rules—but the value of being one step ahead.

• Clients rarely call during turbulence—but they remember who checked in.
• ISA rules might not change for months—but reviewing early positions you as thorough.
• A client’s offhand comment about US politics? That’s your invitation to have a deeper conversation.

At We Complement, we help advice firms deliver real value through smart, reliable paraplanning—whether it’s keeping reports compliant and clear, improving client communication, or freeing up time for more strategic conversations.

📩 If you’re looking to streamline your paraplanning process or just want extra capacity you can trust—get in touch. We’d love to support your team behind the scenes, so you can shine out front.

Welcome to the May edition of Specialised Investments Simplified, where we round up the latest developments in the investment world and turn them into practical insights for financial planners and paraplanners. This month, we’re diving into inheritance tax planning post-Budget, the growing power of sustainable investing, and a couple of innovative opportunities making waves.

🏡 Inheritance Tax Planning: What You Should Know Now

Budget implications – what’s really going on? The government’s proposed changes to inheritance tax (IHT) – due in April 2026 – are causing a stir. Agricultural and business property relief could be limited, and farms worth over £1 million may face a 20% tax hit. While exemptions are still in place, it’s important to help clients take stock now and avoid getting caught out.

Practical planning tips:

• Encourage early action – talk to clients about reviewing gifting strategies now, before any new rules bite.
• Revisit existing trusts – some structures could become less tax-efficient, so a refresh might be in order.
• Remind clients about the 7-year rule – gifts outside the estate can still be a smart move when properly timed.

Spotlight on: TIME Investments

We’ve also been looking at TIME:Advance, a BR-qualifying investment that aims to deliver IHT relief in just two years. With flexible withdrawal options and a target return of 3–4.5% p.a., it’s worth considering for clients looking to retain access to their funds while planning efficiently.

🔗 Learn more about TIME:Advance

💰 Gifting Trends: Bank of Mum and Dad is Going Strong

Parents gave or loaned nearly £9.6 billion in 2024 to help their children onto the property ladder – that’s over half of all first-time buyer property purchases! With IHT rules in flux, many families are using gifting more proactively to transfer wealth sooner.

What to flag to clients:

• Document gifts clearly – especially if they could fall under the ‘gifts out of normal expenditure’ exemption.
• Review life insurance needs – gifting large amounts might warrant a protection check-in.
• Start the 7-year clock early – the sooner gifts are made, the better for long-term planning.

🌱 Sustainability in Practice: Our Work with Etcho

We know ESG isn’t just a trend – it’s part of good financial planning. That’s why we work closely with Etcho, a fantastic platform helping advisers align client portfolios with their sustainability goals.

What Etcho offers advisers:

• Client-facing sustainability assessments
• Portfolio screening tools to match ESG preferences
• Practical ways to start meaningful conversations around values-based investing

Also worth a read: Greenbank’s latest update on food security and nature-based risk shows just how quickly the ESG landscape is evolving.

🔗 Greenbank Sustainability Update – April 2025

🔎 Investment Trends: Innovation That Caught Our Eye

Foresight backs Functional Gut Group Foresight Group has invested £5.75m into the Functional Gut Group, a business offering diagnostic services for digestive health issues. It’s a growing market with potential for both health and returns. 🔗 More on this investment

Puma AIM VCT launches – first in 18 years Puma Investments has launched the first new AIM-focused VCT in nearly two decades. It’s already made an investment into quantum science company Quantum Base, which tells you something about where they see the future. 🔗 Puma AIM VCT launch details

💬 Final Thoughts

With IHT changes on the horizon and new ESG rules coming in, this is a great time to get ahead with practical planning and meaningful conversations.

At We Complement, we’re here to help you stay informed and efficient – whether it’s paraplanning support, help developing your CIP/CRP, or making sense of complex investment options. If you’d like to chat about how we can support your advice process, we’d love to hear from you.

📩 Drop us a message – we’re always happy to talk.

As spring unfolds, so does a fresh wave of opportunities and challenges across the investment landscape. For advisers and paraplanners, this month presents an important moment to reassess the terrain—particularly around green investments, renewable infrastructure trusts, and the growing momentum behind responsible investing.

This edition of Investment Matters brings together the latest insights and, as always, focuses on what this actually means for you and your clients. Our goal is to help you translate big market themes into real, practical planning conversations.

🌍 Green Momentum: UK Takes Centre Stage on Sustainable Investment

The UK government is doubling down on its ambition to become a global hub for green investment. With a £300 million fund earmarked for offshore wind development and a high-profile 60-country energy summit hosted in London this month, the message is clear: Britain wants to lead the clean energy race.

This comes at a time when many investors—especially those with ESG values—are feeling unsettled by policy instability elsewhere, particularly in the U.S. The UK’s consistency on climate goals provides a more stable backdrop for long-term, sustainability-focused investment strategies.

What this means for advisers:

• If you have clients who are ESG-minded but feeling unsure about where to invest, now’s a great time to refocus on the UK’s credibility and commitment to long-term green growth.
• Use this momentum to refresh your sustainable investment toolkit. Is your CIP or CRP reflecting the latest in environmental impact strategies?

💬 And a quick shoutout to our friends at Etcho, they’re doing brilliant work helping people understand the environmental impact of their investments. If you haven’t already, check out their platform for fresh inspiration on how to engage clients with their values in mind. Tools like this can be incredibly powerful in bringing ESG conversations to life.

Etcho for IFAs – Differentiate and grow your business through a values-based approach to advising

💡 Tip: Why not create a simple “Green Outlook” briefing for your clients? A short note or visual update on the UK’s renewable direction—and how your investment solutions support that journey—can be a great conversation starter.

💸 Renewable Energy Investment Trusts – Value Beneath the Surface?

Renewable energy investment trusts (REITs) are back in the spotlight—and not for the reasons you might think. After a challenging 2024, the sector has seen trusts trading at historically deep discounts, even as dividend yields hit 7–9%+.

For example:

• Greencoat UK Wind is currently yielding 8.9%, with a 24.6% discount to NAV.
• Triple Point Energy Transition offers an 8.7% yield, with a 36.2% discount.

So, what’s going on? Higher interest rates and a pivot back to gilts and other government bonds have drawn capital away from infrastructure. But with the prospect of rate cuts later this year, and with UK clean power targets getting more ambitious, we could see momentum shift back towards these trusts.

What this means for advisers:

• These REITs may represent a compelling income play, especially for decumulation portfolios where clients are looking for inflation-linked returns.
• Use this as a chance to educate clients on why market sentiment and underlying value can diverge, and how volatility can sometimes open doors, not just create risk.

Is it worth buying shares in Greencoat UK Wind?

💡 Tip: Consider spotlighting one or two renewable trusts in your next client newsletter or review meeting—especially if they hold a strong ESG or income objective.

📈 Responsible Investment: EdenTree’s Thoughtful Approach

EdenTree Investment Management has just released its latest Responsible Investment Activity Review, highlighting an active year of engagement on issues such as climate change, human rights in AI, and labour standards.

The firm also secured the “Sustainability Impact” label for three of its funds and re-affirmed its commitment to the UK Stewardship Code.

For advisers, this is a welcome reminder that ESG is more than just a marketing label—done well, it’s a rigorous, evidence-based approach that adds value for clients who want their money to do more than just grow.

What this means for advisers:

• Use EdenTree’s report (or similar updates from fund partners) as talking points in reviews with ethically-minded clients.
• If you’re building or reviewing a sustainable model portfolio, updates like this can provide credible examples of fund managers walking the talk.

💡 Tip: Invite a fund house rep to your next team CPD session to talk about their ESG process. It’s a great way to stay current, and makes for a stronger story when you explain fund choices to clients.

🏡 A Simpler Future for the Lifetime ISA?

Also in the headlines this month is a renewed call to make the Lifetime ISA (LISA) a pure first-home savings vehicle. Currently, LISAs can also be used for retirement planning, but there’s increasing support for simplifying their purpose and focusing solely on helping young savers get onto the property ladder.

While no changes have been confirmed yet, the proposal has implications for younger clients—especially those weighing up LISAs versus pensions or general ISAs.

What this means for advisers:

• Now is the time to review any LISA-linked advice or suitability documentation, especially for clients under 40.
• Use this debate as a prompt for younger clients to get proactive about planning—not just saving—and remind them that tax wrappers should support wider goals, not drive them.

💡 Tip: Create a quick LISA explainer video or blog post for your website/socials. It’s a great way to capture attention from first-time buyers and new leads.

💬 Final Thoughts – Turning Insight into Action

This month’s developments show how interconnected the advice world has become. Shifts in global policy, sector sentiment, and investor expectations all feed into the choices you make when building client plans.

At We Complement, we know that turning these market insights into practical, usable outcomes isn’t always easy. That’s why we work closely with firms to help shape Centralised Investment Propositions (CIP) and Centralised Retirement Propositions (CRP) that are not only robust, but flexible enough to adapt as client needs—and markets—evolve.

If you’d like to explore how we can support your team in building or refining your CIP or CRP, pop Amy North a DM, we’d love to chat.

Until next time, thanks for reading—and keep up the great work.

Welcome to this month’s edition of Specialised Investments Simplified, where we break down key trends and developments shaping the investment landscape. This month, we’re focusing on practical IHT planning advice post-Budget and key updates in sustainable finance—helping you, as financial advisers, better guide your clients through these changes.

Post-Budget IHT Planning: Practical Advice for Advisers

With potential IHT changes on the horizon from April 2027, pensions may no longer be the default ‘tax-efficient’ wealth transfer vehicle they once were. So, what should advisers be doing now?

🔹 Encourage clients to act early– If pensions become liable for IHT, withdrawals may need to start sooner than planned. However, this only works if the funds are then used efficiently.

🔹 Plan for the ‘spend, shelter, or gift’ rule– Whether clients are using trusts, gifting allowances, or spending their wealth, every action needs to be deliberate.

🔹 Utilise trust solutions– Loan trusts, discounted gift trusts, and gift trusts could be useful, depending on client needs. Investment bonds within trusts may also provide tax-efficient benefits.

🔹 Maximise annual gifting allowances– £3,000 per year (or £6,000 if unused from the prior year) can be gifted tax-free, plus small gifts of £250 to multiple individuals. Contributions to ISAs or pensions for family members could also be a smart move.

🔹 Document ‘gifts out of normal expenditure’– This is an often-overlooked exemption that, if used correctly, allows gifts to be immediately outside of an estate. However, meticulous record-keeping is essential.

📖 Read the full analysis

IHT Reform: What Advisers Need to Know About Agricultural & Business Property Relief

The government’s consultation on Agricultural and Business Property Relief (APR/BPR) is creating complexity for estate planning. While the £1m allowance for 100% reliefis helpful, new rules around trusts and transfers add significant challenges.

💡 Key adviser takeaways:

✅ Interest-free instalment optionsfor IHT payments could ease cashflow issues for beneficiaries inheriting qualifying assets.

❌ Trust taxation is getting more complicated– expect increased compliance and administrative burdens.

❌ Spousal transfers aren’t permitted, meaning business owners and farmers may need to restructure to avoid forced sales after the first death.

🚨 Next steps:Clients holding significant APR/BPR-eligible assets should review their estate plans now, particularly if they use trust structures. More legislative clarity is expected in the coming months, but early planning is key.

📖 Read the full analysis:

Sustainability in 2025: Practical Guidance for Advisers

Sustainable investing is evolving rapidly, and advisers need to stay ahead of both regulatory shifts and client expectations.

🌱 Greenwashing remains a major risk – Nearly 25% of Article 8 funds still fail to meet green criteria. Ensuring clients’ ESG investments align with their actual sustainability preferences is more important than ever.  📜 New SDR rules – The Sustainability Disclosure Regulation (SDR) framework is evolving, requiring advisers to provide more transparent, credible recommendations.  💰 Fidelity adopts SDR ‘Sustainability Mixed Goals’ labels – A sign that transparency in sustainable investing is becoming a priority for fund managers.

At We Complement, we use @Etcho, a powerful tool designed to help advisers bring sustainability into client conversations in a meaningful way.

Etcho provides:

✅ Clear ESG insights – Helping advisers align investment strategies with client values.

✅ Interactive sustainability tools – Making complex ESG factors easier to communicate.

✅ A streamlined approach to responsible investing – Giving advisers confidence in their recommendations.

🔗 Essential reads: Greenwashing Risks Sustainability in 2025 SDR Regulations Fidelity’s Sustainability Labels

The investment and tax landscape is shifting, and proactive planning is crucial. Whether it’s navigating potential IHT reforms or adapting to sustainable investment regulations, advisers need to stay ahead to provide the best outcomes for clients.

At We Complement, we understand the challenges you face. Our expertise and support services are designed to help you stay on top of regulatory changes, streamline your advice process, and ultimately, deliver better client outcomes. If you’d like to explore how we can complement your business, we’d love to chat.

📩 Get in touch today to see how we can support you.

Until next time,

Lucy

The financial planning landscape continues to evolve, with advice platforms playing an increasingly dominant role in wealth management. According to Fundscape’s latest Platforms Report, the top five advice platforms now account for two-thirds of all growth, highlighting a strong concentration of assets among a few key players.

For financial planners, this raises important questions about platform choice, service quality, and the long-term implications of consolidation. This month, we explore what’s driving this shift and what it means for advice firms. We also cover Goldman Sachs’ recent downgrade and BP’s strategic shift back toward oil and gas, both of which could have implications for investment strategies.

Advice Platforms: A Growing Influence on the Advice Market

Strong stock market performance throughout 2024 boosted platform assets to a record £1.1 trillion, with adviser platforms accounting for £697 billion of this total. Fundscape’s data reveals that while the market as a whole has grown, a select few platforms are seeing the biggest gains.

The top five platforms leading the charge are:

• Quilter
• Aviva
• Transact
• Aegon
• Fidelity

In the adviser-only segment, Quilter, Aviva, and Transact led the way, posting record-breaking gross and net sales. These three firms have consistently ranked at the top for three consecutive quarters, reflecting strong demand for professional financial advice and investment solutions.

For financial planners, this dominance raises key considerations:

• Are your clients benefiting from the best platform pricing and service?
• How resilient is your chosen platform to market shifts and technology changes?
• What impact will platform consolidation have on competition and adviser influence?

Why Are the Big Players Dominating?

Several key trends are fueling the consolidation of growth within these major platforms:

1. Multi-Channel Strength

Platforms that operate across advised, direct-to-consumer (D2C), workplace pensions, and institutional markets—such as Aegon, Fidelity, and AJ Bell—are seeing strong inflows across multiple business lines, making them more resilient to client withdrawals and market downturns.

2. Growing Demand for Financial Advice

As clients navigate complex tax and inheritance planning, the value of financial advice has never been clearer. Fundscape’s CEO, Bella Caridade-Ferreira, highlighted that demand for advice is expected to increase, particularly as clients seek guidance on inheritance tax and capital gains tax planning.

3. Regulatory Developments Creating Opportunities

The advice guidance boundary review and targeted support initiatives could bring more consumers into the financial planning ecosystem. Platforms positioned to support both full-service advice and streamlined guidance models may see additional inflows as more clients seek investment solutions.

4. Platform Efficiency & Technology Enhancements

Larger platforms are investing in automation, reporting tools, and user-friendly interfaces, making it easier for planners to manage client portfolios efficiently. However, as firms scale, there’s also a risk that service levels may decline, impacting the client and adviser experience.

Goldman Sachs Downgraded as Dealmaking Slows

For financial planners managing high-net-worth and corporate clients, the investment banking slowdown is worth noting.

Goldman Sachs was recently downgraded from ‘outperform’ to ‘market perform’ by KBW, due to a slower-than-expected start to dealmaking in 2025.

Key takeaways for planners:

• The bank’s valuation surged nearly 50% in 2024, but rising inflation, interest rate uncertainty, and cautious corporate sentiment have stalled mergers and acquisitions activity.
• Goldman’s revised share price target of $660 (down from $690) reflects a more measured outlook on corporate deal flow and investment banking profitability.

BP’s Strategic Shift: Reducing Renewables, Increasing Oil and Gas Investment

Energy remains a crucial consideration for investment portfolios, particularly for planners working with ESG-conscious clients.

BP has announced plans to reduce its renewable energy investment and increase annual spending on oil and gas to $10 billion. This signals a more cautious approach to energy transition investments, reflecting profitability concerns in renewables and a short-term focus on shareholder returns.

Implications for financial planners:

• Clients invested in ESG funds may need portfolio reviews to ensure alignment with their ethical investing goals.
• Oil and gas exposure could present short-term growth opportunities, given the sector’s higher margins and recent demand trends.
• BP’s pivot suggests a more challenging environment for renewables, meaning planners may need to scrutinize clean energy funds and their long-term growth potential.

What This Means for Financial Planners

The increasing dominance of a handful of platforms presents both opportunities and challenges:

✅ More investment options & better pricing – Consolidation means larger platforms can negotiate better fund charges and offer a wider range of investment products.

✅ Enhanced technology & automation – Tools for portfolio reporting, risk analysis, and client engagement are improving, making it easier for advisers to scale their businesses.

⚠️ Risk of platform dependency – If an advice firm relies too heavily on a single provider, it may lose flexibility if pricing, service levels, or product offerings change.

⚠️ Regulatory shifts require careful planning – The evolution of advice regulations could impact how planners engage with clients, making it crucial to stay ahead of compliance updates.

Meanwhile, BP’s shift in energy strategy and Goldman Sachs’ cautious investment banking outlook suggest that sectors previously seen as high-growth (clean energy, investment banking) may face headwinds, while more traditional industries (oil and gas) could benefit in the short term.

Final Thoughts

With platforms consolidating, markets shifting, and sector trends evolving, financial planners play a crucial role in helping clients navigate uncertainty. Whether it’s choosing the right platform, balancing traditional vs. ESG investments, or adapting to changing regulations, the key is to stay informed and proactive.

At We Complement, we’re committed to supporting financial planners with insights, tools, and strategies to help them deliver the best outcomes for clients.