Nearly a quarter of clients (23%) claimed that the coronavirus outbreak has made them rethink what they want from their financial advisers.
After six months of regular updates, customers are now requesting more frequent communication and updates on their portfolio performance from their planner.
The survey, carried out by St James’s Place, was split in two: the wealth firm polled 10,000 adults and 2,000 fund investors in the UK between 2019 and 2020; and then, it interviewed 24 advice users at different life stages in May 2020.
Those who took part revealed that the change brought by the pandemic was, actually, favourable to them.
They said that the traditional annual review was no longer enough, and that they prefer ad-hoc video calls and short updates.
People now feel more positive about how technology is used by their advisers, with 63% expressing confidence in communicating through video-calling platforms.
Positive change
Edward Grant, director, technical connection at SJP, believes that the coronavirus crisis may have made clients understand how valuable advice is and brought them closer to their planner.
“Amid the uncertainty caused by the ongoing health, economic and stock market crisis, clients have turned to wealth management professionals, seeking reassurance their investments are in hand, and personalised solutions for the investment needs.
“The outbreak of covid-19 has also helped to bring more people into the advice process, as attitudes towards intergenerational financial planning have shifted.
“Faced with new financial pressures and priorities, different generations within families are now coming together to talk about money.
“This is a positive step and hopefully other effects of the crisis, such as the increased reliance on technology, will mean this continues in the future,” he added.
