Advisers have welcomed news of the Conservatives’ election victory despite mourning the loss of some Liberal Democrat ministers.
David Cameron’s party have been swept back into power today, gathering enough seats to rule without the support of the Lib Dems.
Alpha Investments and Financial Planning director Alan Solomons says the news is positive for investment markets.
He says: “You can see what has happened to the markets, they don’t like uncertainty, and they generally do better under a Conservative government, so from an investment point of view it’s fantastic news and totally unexpected.
Informed Choice founder Nick Bamford says advisers now need clarity over who will take key ministerial roles within financial services.
He says: “From a financial planning point of view we will wait to see who is going to be pensions minister, for example. Who is going to come in there and who will be the main bodies in the Treasury?
“But a majority in general is good for things like the investment markets, which like certainty.”
Plan Money director Peter Chadborn says many will also be satisfied to avoid the prospect of an SNP and Labour government.
He adds: “I’m disappointed to see the departure of people like [Lib Dem pensions minister] Steve Webb because he has been very good for the industry and I would rather have seen the coalition continue because of the influence of individuals like Steve.”
However, Wingate Financial Planning director Alistair Cunningham warns the Conservatives have also presented bad news for advisers and their customers.
“I think this is the least bad of the majority outcomes,” he says.
“I didn’t vote Conservative because of their promise to lower the annual allowance in favour of increases to inheritance tax, and I think that’s promoting inherited wealth over earned money.
“But the Conservatives present a more credible face internationally and globally, but I view a lot of the things I have seen in their manifesto as negative.”