Ask the Expert: BDO
With major tax changes on IHT for business owners now taking effect, IHT applying to pensions from April 2027 and speculation of more changes in the autumn, Tom Klouda, Tax and Private Capital Partner at accountancy and advisory firm BDO, explores the key wealth management questions families across the North West are asking
Tom advises privately held businesses and the entrepreneurs behind them through their growth journey. He works closely with many family businesses and private equity backed groups to solve complex issues around succession, structure and M&A.
BDO undertook extensive research to explore the challenges facing the wealthy and their advisers in the preparation of the 2026 Wealth Report, available at bdo.co.uk.
How do I know if my adviser is still the right fit?
Most established advisers are diligent and capable, so competence shouldn’t be the only factor you consider. The real question is one of trust. It’s the quality that high net worth individuals value most in an adviser, cited by nearly three quarters in recent research we conducted.
Trust means a lot of things. It means trusting your adviser to understand and act on the big picture around your family dynamics, financial arrangements and wealth goals – not just discrete tasks you give them.
Many professionals are excellent “doers”, but the sign of a good adviser is someone who takes a strategic approach to help their clients build and preserve wealth for the long term.
It also means trusting them to challenge you constructively.
A trusted adviser is the one you allow to ask those difficult questions. If you can’t remember the last time your adviser told you something you didn’t want to hear, that’s worth noticing.
Families are often deeply loyal to an adviser who has been with them since the start. The right new adviser will respect those relationships, they’ll work alongside them, adding the strategic layer that may be missing, perhaps through access to an international network such as BDO’s or being able to integrate family investment company, trust and personal tax planning objectives.
Why is now the time to review my arrangements?
A great deal is changing and there are new uncertainties to negotiate. Significant reforms to inheritance tax for business owners took effect this April, changes to how pensions are treated on death follow next April, and further shifts are likely in the Autumn Budget. HMRC has also recently published a raft of consultations, including significant proposed changes to the taxation and modernisation of how capital is withdrawn from privately held businesses and on shareholder transactions.
Our recent research found around half of wealthy individuals cite tax efficiency as a top priority for the next five years. But tax considerations need to be part of the broader conversation alongside investment growth, quality of life and succession planning.
Preparation doesn’t mean acting rashly. But if you haven’t prepared, you can’t make good decisions quickly and the most important conversations involve your family, which takes time and sensitivity.
What should I look for in a great adviser?
Above all, a trusted relationship. Technical skill is the entry ticket.
Prioritise accessibility and good communication. Our research shows more than half of wealthy individuals want an adviser who is available when it matters – someone who understands not just their financial affairs, but the wider priorities of their family.
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