The coronavirus pandemic has led more people to seek financial advice, research by advice and wealth management firm Sanlam has found.
Sanlam commissioned a survey of more than 2,000 British adults, asking about their intentions to organise their finances during the Covid-19 crisis.
The study, conducted by independent group Atomik, found almost half of Britons (46%) plan to get their finances in order as a direct result of the coronavirus pandemic.
Of these, 13% said they planned to speak with a financial adviser for the first time. A quarter of respondents said they planed to revisit or speak with their financial adviser.
Another 13% would like to speak with an adviser, but believe it would cost too much, or that they don’t have sufficient assets to make it worthwhile. Meanwhile, half (49%) of those planning to organise their finances are confident they can do it themselves.
Sanlam Wealth chief executive John White said he was encouraged by the results and saw the pandemic as an opportunity to demonstrate the value of financial advice.
“With 13% of those keen to use a financial adviser for the first time, there is a great opportunity for us all to demonstrate the very real value we can add. There’s an opportunity too, to reach some of the other 13% who think that advice is not for them because of perceived costs, or the extent of their assets,” he said.
“Of course, in times of crisis people’s thoughts turn to their finances. In addition to unprecedented uncertainty about jobs, businesses and investments, there is also a sense that clients want to ‘get their house in order’ when it comes to things such as what inheritance they plan to pass on and their long-term financial resilience.”
Those earning £75,000 or more and planning to take financial action are more inclined to take advice. Of this group, 40% said they would contact their financial adviser again and 24% plan to use an adviser for the first time.
This compares to nearly a third (32%) who said they were confident to organise their finances themselves.
The survey found that millennials and those of generation X were similarly inclined to consult an adviser for the first time, with 11% of 18-34 year-olds overall saying that they plan to visit a financial adviser for the first time compared to 9% of those aged 35-54.
This article was previously published on Professionaladviser.com