“In terms of investing, advisers should be communicating to clients that it’s never a good idea to react to short-term noise and speculation or unknowns, when following a longer-term financial planning and investment strategy.
"They should be advising against short-term trading or trying to 'time' the markets,” he added.
Areas of concern for clients
Wiggins believed those clients with non-dom tax status were likely to be concerned with Labour’s proposals to remove their tax-exempt status.
He said: “The introduction of VAT on private school fees, should we see a Labour government in power, will also have an impact on some parents.
“Higher net worth clients will no doubt be interested in the closing of the private equity carried interest route and the speculation that wealth taxes may be subject to change.
“The speculation around pensions – what will any party do – is also triggering lots of questions and certainly an area of interest for many in the retirement space.”
Wiggins also pointed out that when it came to tax all changes had pros and cons with some tax levers harder to pull than others.
“If there were any changes to investment taxes, it is more likely to include cuts to reliefs rather than increasing headline rates. But challenges remain.
"For example, reducing reliefs on pension taxes may raise revenue, but if they disincentive retirement saving, that could have significant unintended consequences for society,” he added.
alina.khan@ft.com
