The financial adviser market has had to adapt to the challenging times of the pandemic but there seems to be light at the end of the tunnel.
Insurance firm Royal London surveyed 96 UK financial advisers and found more two thirds (67%) said they expect to see business return to ‘normal’ within three months of the ‘end of covid-19’.
Some 37% expect this to take only one month, and only 10% expect this to take more than six months.
Client communication
While new business demand has dipped, advisers said they are spending more time speaking to their current clients.
Six-in-10 advisers have seen inbound contact from clients increase by 25% with demand for reassurance on investments, information on furlough, self-employment and payment deferrals.
Tom Dunbar, distribution director at Royal London Intermediary, said: “Seeing advisers keeping calm and staying resilient in the face of covid-19 is good news for the industry.
“While many will face challenges in the months ahead, it’s clear that the marketplace for impartial advice remains buoyant with advisers looking for opportunities.”
