More than half (52%) of advisers reported an increase in ‘out of hours’ client contact during the Covid-19 pandemic as attitudes towards finances changed, according to research by Charles Stanley.
Some 47% of advisers also said their clients required a significant level of detail on their investments and performance in the wake of the pandemic, prompting consumers to reconsider their financial plans.
More than two-thirds of advisers (68%) also said they have seen more engagement from younger audiences in 2020 and almost a quarter (23%) of IFAs said there has been greater appetite for ESG investing. A total of 203 advisers took part in the research.
Elsewhere, the wealth manager found that seven in 10 (70%) of advisers said they had seen an increase in concern from clients over funding in later life and 63% reported an increase in concern around income generation.
Charles Stanley also surveyed 2,218 British adults and found that because of coronavirus, more customers are wanting to priorities estate planning and the transfer of wealth over other areas of conversation, with more than half (55%) requesting to do so.
A third (34%) of clients interviewed said that making plans to pass on their money to their families is the main reason they would seek financial advice.
Charles Stanley group head of distribution John Porteous said: “It’s been a difficult year for many, with financial plans and investments thrown off course by the market turbulence and the economic impacts of Covid. It’s at times like this that financial advice really pays dividends and our survey suggests this is translating into a surge in demand among advisers.”
He added: “During 2020 advisers have been quick to adapt to ‘the new normal’ pivoting high touch face to face business models to be able to serve a more diverse client set remotely. And while this has undoubtedly placed a lot of pressure on them, it’s also arguably left them better equipped for the new adviser conversation which is fast emerging.
“As we go into 2021, finding new ways to serve an engaged, intergenerational audience will be a priority to meet their differing attitudes and requirements.”
This article was previously published on Professionaladviser.com