The survey of 212 UK advisors was conducted between 30 April and 13 May 2026. Over half of advisors (52 per cent) report that clients are very concerned and overall concern is near-universal (99 per cent), with 1 per cent saying clients are not concerned at all. Nearly a third (31 per cent) of advisors expect that more than half of their client base will require estate-planning changes as a result.

Despite these pressures, advisor confidence in business prospects remains strong. An overwhelming 83 per cent of advisors expect their client base to grow over the next 12 months. Looking ahead, tax and estate planning stand out as the leading growth opportunity over the next two to three years, the survey reveals.

However, advisors continue to highlight structural barriers to serving smaller clients. Nearly nine in 10 said that regulatory and cost pressures make it harder to serve lower-value clients, with over half reporting a significant impact, and a quarter said they are actively segmenting and offboarding some clients as a result.

Technology and artificial intelligence
On technology, the survey found that digital or tech-enabled advice solutions are already being used or actively explored by 41 per cent of advisors to improve engagement and serve next-generation clients more effectively.

Attitudes to AI are also becoming more nuanced. This year’s survey introduced a “both” category alongside “opportunity” and “threat,” The proportion viewing AI purely as a threat has fallen to 8 per cent, down from 25 per cent in November 2025 – the lowest level since tracking began.

AI adoption is continuing to accelerate, with 51 per cent of advisors now using AI tools within their advice process (up from 21 per cent in November 2024) and a further 24 per cent expecting to incorporate AI within the next 12 months – suggesting that three-quarters of advisors will be AI-enabled by mid-2027.

Advisors are also responding to heightened market uncertainty by increasing active allocations. The survey found that nearly a quarter have already increased active allocations in response to market volatility – almost three times the proportion (9 per cent) moving further towards passive strategies.

At the same time, income is rising up the agenda, with 23 per cent of advisors reporting increased client demand for higher-income investments. This is against a backdrop where economic and market expectations have shifted materially. Almost two-thirds (65 per cent) of advisors now expect higher inflation over the next five years, up sharply from 31 per cent in November 2025, while 46 per cent anticipate higher interest rates versus 17 per cent expecting lower. Geopolitical disruption expectations have rebounded to 66 per cent, although they remain below the 77 per cent peak recorded at this time last year.

In response, over half of advisors are actively adjusting client portfolios, focusing on defensive repositioning with 28 per cent moving into cash. Client sentiment has also shifted decisively towards bearishness: 39 per cent of advisors now report bearish clients versus 17 per cent bullish, compared with 25 per cent and 28 per cent respectively in November 2025.

However, advisors are also responding by broadening allocations – 44 per cent are currently exploring alternatives such as gold, active exchange traded-funds (ETFs) and long-term asset funds (LTAFs), indicating a transition from niche to mainstream in advisor thinking.

“This year’s Pulse Survey captures a clear focus from advisors on building resilience into client portfolios as they respond to higher volatility, while highlighting the power of active management in navigating more complex markets,” Jamie Fowler, head of UK Wealth at Schroders, said. “It is also encouraging to see that a growing share are open to increasing their use of newer vehicles as part of a broader diversification toolkit. At the same time, the level of client concern around tax and estate planning reinforces the importance of advice and the value it brings in supporting long-term financial planning and providing peace of mind.”