GB News Spotlight: Quilter Cheviot’s Top Financial Adviser Reveals ‘Major Pitfall’ Britons Face When Building Wealth
By Patrick O’Donnell, Published: 21/04/2026 – 17:42
In a recent exclusive interview with GB News, Jo-Ann Welman, chartered financial planner at Quilter Cheviot and nominee for this year’s City of London Wealth Management Awards “Financial Adviser of the Year,” shed light on a major financial trap that many Britons are falling into in 2026. As financial landscapes grow increasingly complex due to tax changes and market uncertainty, her expert advice underscores the importance of strategic planning in building long-term wealth.
The Major Pitfall: Underutilising Tax Allowances
Ms. Welman identified one of the most common financial mistakes that people make this year: not fully exploiting available tax allowances and reliefs. This includes Individual Savings Accounts (ISAs), pension contributions, and capital gains tax exemptions. She highlighted that many individuals and couples fail to optimise these opportunities, missing out on ways to legally reduce tax burdens and enhance retirement income.
“Many overlook the benefits of balancing pension contributions between spouses or civil partners, which can significantly improve long-term tax efficiency,” Welman explained. “Taking the time to review your allowances and ensuring both partners are making the most of them can make a substantial difference to your future wealth.”
Adapting to Changing Legislation in Financial Planning
Given the evolving nature of tax laws and government regulations, Welman stressed the importance of building flexibility into financial plans. She advised Britons to establish clear long-term goals such as retirement age, children’s education funding, or home ownership while reviewing their plans regularly to ensure alignment in the face of rule changes.
“Don’t let legislative uncertainty stall your financial progress,” she said. “Incremental adjustments tend to be far more effective than attempting wholesale changes every time a new policy is announced.”
Priorities for Those in Their 30s and 40s
For younger adults who are focused on wealth creation, Welman emphasized the need to understand risk and investment fundamentals. Exposure to equities or shares, for example, is essential for growth over time despite short-term market fluctuations.
“Consistency is key — using tax-efficient strategies like fully maximising pension and ISA allowances and tuning out the noise of political and market headlines will serve you well,” she advised. “Timing the market is less important than time spent in the market.”
Key Financial Dates to Remember
Welman also flagged crucial calendar deadlines that every saver and investor should note:
- January 31: Deadline for self-assessment tax payments.
- April 5: End of the UK tax year and the last opportunity to utilise annual allowances fully.
She recommended reviewing finances several months in advance to avoid last-minute scrambling and ensure maximum benefit from available allowances.
Impact of Global Events on UK Financial Planning
Recent global events — from geopolitical tensions to economic shocks — have underscored the importance of diversification, adaptability, and calm decision-making in personal finance. Welman observed a growing demand for professional financial advice as individuals seek to navigate the unpredictability.
“A robust and flexible plan, alongside regular reviews, is vital to stay on track with long-term objectives despite short-term turbulence,” she said.
The One Piece of Financial Advice
When asked what single advice she would give to clients, family, or friends, Welman was unequivocal: “Start early. Whether it is saving, investing, or learning about risk and compound interest, beginning sooner rather than later dramatically multiplies your financial potential. Even modest, consistent investments can grow substantially thanks to compounding.”
Welman encouraged individuals not to shy away from equity exposure, noting, “Understand the risks but remember that time in the market generally beats trying to time the market.”
As Britons grapple with cost-of-living pressures, uncertain tax landscapes, and changing investment climates, expert guidance from advisers like Jo-Ann Welman remains invaluable in helping unlock the path to successful wealth building.
Related Topics: Financial Planning, Tax Allowances, Investment Strategies, Wealth Management, UK Tax Year, City of London Wealth Management Awards