Joslin Rhodes, based in Stockton, announced its 2024 results, showing a 75 per cent year-on-year increase in revenues and a 74 per cent growth in new client numbers.
This follows a 60 per cent year-on-year uplift reported at the end of 2023.
The surge comes as residents ‘took control of their financial futures’, seeking guidance on maximising current allowances and building long-term security into their retirement plans.
Joslin Rhodes saw enquiries for their pension and retirement services increase by 85 per cent, and their website had a 178 per cent increase in visitors across the year.
Interest in inheritance tax planning and estate planning also spiked following the autumn budget and remains a key issue for many.
Concerns that unused pension funds will be subject to inheritance tax from 2027, alongside the worry that rising property values could lead to higher inheritance tax bills, have encouraged more people to seek professional advice.
Neil Parker, CEO and founder of Joslin Rhodes, said: “Our results clearly show that 2024 was the year Teessiders took financial planning matters into their own hands, especially as government provisions no longer provide enough certainty.
“They didn’t wait for change; they made it happen.
“When I founded the business over 20 years ago, my mission was to deliver a happy retirement for local people.
“At the heart of this was helping them understand that, with long-term thinking and proper financial planning, we can give them the much-needed confidence that everything will be ok, regardless of what the government does or doesn’t do.
“And, based on these results, I can see we’re doing just that.”
The results also showed that younger generations are thinking about planning for the future, with clients as young as 25 already thinking ahead.
Mr Parker said: “Most of our clients are 50 or older, but we’ve also noticed a rise in younger people coming to us.
“They want to ensure that changes to the pension system don’t derail their long-term plans, even if those plans are still a few decades away.”
When auto-enrolment was introduced in 2012, many more people were introduced to pension savings.
However, as jobs and lives changed, many of these people lost touch with their savings and the most recent figures show a huge £26.6bn in lost pensions.
As the cost of living has increased, and awareness of the need to supplement government provisions has grown among Teessiders, so too has the understanding of the importance of consolidation.
Mr Parker added: “With so many millions sitting in lost pots, it’s reassuring that we’ve seen continued interest in tracking down and consolidating lost pensions.
“Helping people ensure they’re not leaving any money behind as they approach retirement is a vital part of what we do.”
Looking to the year ahead, the firm anticipates interest in its services will only continue to grow, particularly as the pension and inheritance tax landscape remains uncertain.
Mr Parker concluded: “This has been an incredibly successful year for our hard-working team.
“It’s also a reflection of how complicated pension and retirement planning has become.
“But we’re proud to be able to continue to help more people than ever in our community live happier, more secure retirements.”
