MAY 2021


Register with PP

Newsletter, Jobs & Event Alerts


Advice firms sticking with remote advice post lockdown

6 August 2020

A survey by Quilter found that nearly nine out of 10 (88%) advisers would like to retain some form of remote advice option as the industry emerges out of lockdown.

According to the findings, advisers would like the option to be able to engage with clients through video technology, following a surge in remote advice as a result of the Covid-19 pandemic. Rather than hinder the number of new clients seeking advice, over three quarters (77%) of advisers said they had gained new clients during the lockdown period.

However, Quilter said the advice industry recognised the need to change the way advice is delivered remotely. Advisers said nearly half (48%) of new clients react differently to video advice, while 56% of advisers have restructured their meetings as a result.

Sarah Waring, client and proposition director, Quilter, said: “At the beginning of 2020 no one would have anticipated that just a few months later we’d be giving the majority of our advice through video due to a global pandemic. However, the industry has shown, yet again, that it can adapt.

“What’s more, as we move into our ‘new normal’ we need to think about what practices from lockdown we want to keep. Encouragingly, advisers and clients have been receptive to video conferencing. This can go a long way to increasing advisers’ capacity to take on more clients as there will be less time spent travelling to and from meetings.”

Waring added: “However, we need to recognise that a relationship created through video advice may be intrinsically different to those created through a face-to-face meeting. It can be harder to engender trust and it also becomes vitally important to have structured meetings. We have found advisers who create a clear framework for the meeting and communicate it at the beginning help to increase their client’s understanding and trust.”

Professional Paraplanner