Ramping up tax advice would increase opportunities for advisers to demonstrate their expertise and grow their businesses, as well as retain clients.

Only four out of 10 advisers routinely explain the benefits of tax efficiency on investments, HSBC Life research has found, although the majority (82%) of their clients are higher rate or additional rate taxpayers and would benefit from effective tax planning.

The number of taxpayers falling into higher rate tax bands is set to grow significantly as the government has frozen tax thresholds until 2028 creating the highest ever tax burden.