Financial advisers report fall in new clients since pandemic

Almost four out of 10 financial advisers have reported a fall in the number of new clients trying to engage their services since the beginning of the coronavirus pandemic.

A survey of 128 Personal Finance Society members, conducted in October, showed while three out of 10 financial advisers had seen an increase in the number of new clients wanting their help amid the COVID-19 outbreak, most had seen fewer new clients approaching them as the pandemic started to negatively impact the economy.

The study also showed that three out of 10 financial advisers said the number of new clients approaching them since March was similar to the amount of people who knocked on their doors asking for help managing their finances in 2019.

“With the current level of uncertainty over markets and the future of the economy, clients need more reassurance than ever that they are on the right track, and that they are getting personalised, relevant financial advice that cuts through the noise that they are hearing on in social and traditional media,” commented Personal Finance Society chief executive, Keith Richards.

“However, financial advisers are responding to this challenge, making more use of digital channels, and using their existing client base to establish and develop new relationships.”

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