Demand for financial advice rises
There’s been an increase in enquiries for our advice in April, with numbers up by 24% over March.
Driving this hike in demand, the disruption on the finances of individuals, households and businesses worldwide due to Covid-19.
Unexpectedly and abruptly, many people realised they didn’t have enough money behind them and no contingency plans.
Of course, this could result in dire consequences for the lifestyles and opportunities of people and their loved ones, and for businesses, the long-term sustainability of their company.
Consequently, this unprecedented situation has hit home how nobody knows what is around the corner, and people want to be as financially prepared as possible for any outcome.
We saw the same thing happen following the financial crash in 2008. It acted as a wake-up call to many, to make sure they were financially secure, and there was a subsequent surge in demand for advice.
People understood then that as the world evolves, financial planning strategies may also need to.
So, demand for financial advice is on the rise, but how do people want their advice delivered?
deVere carried out a survey of current and potential clients to ask just that.
The findings revealed 52% said face-to-face, 42% via videocall platforms such as Zoom, whilst 6% said by phone.
Taking into account the circumstances and how much everything has changed, I was somewhat surprised that the preferred option of how to receive financial advice is still face-to-face.
However, video calling is not far behind and still remains a relatively new platform for a lot of people.
The poll underlines that now more than ever, people want bespoke financial advice combined with innovative technology.
Since the coronavirus pandemic hit, the world has fundamentally changed, and will continue to do so. Possibly at a faster pace.
This was shown by the deVere poll which showed 72% of clients feel the world has permanently changed.
Moreover, 80% of respondents said that new companies will transpire and those that achieved success in the past, had no guarantee of doing so again.
With these changes affecting people’s finances, most of our new clients require advice on savings plans, investments, foreign exchange, pensions and retirement planning and tax planning.
Five months in and 2020 has already seen unparalleled change. For more and more people, this also means reviewing priorities, and achieving financial security for the future becomes all the more important.