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Advice firms very optimistic about next 12 months – Standard Life

27 July 2020

Advice firms are feeling overwhelmingly optimistic about the year ahead and intend adopting more digital and flexible working practices, new research from Standard Life has shown.

The group’s bi-annual survey of UK advisers found 96% felt optimistic about their firm’s prospects over the next 12 months, despite the economic uncertainty surrounding Covid-19, while 95% are optimistic about the security of their job.

Advisers expressed confidence about new business too, with 85% expecting to take on new clients during the course of the year.

The industry’s optimism also extended to the UK economy, with two thirds (67%) feeling optimistic about the UK’s recovery post-Covid-19.

Standard Life’s survey also showed a growing trend towards using technology to service clients. Over four fifths (83%) of advisers believe virtual client meetings are more likely to happen in the future, while three quarters (74%) said staff are more likely to work remotely.

Caroline Miller, UK distribution director, Standard Life, said: “It’s really good to see advisers we work with emerging from a difficult few months with optimism about the future. The advice industry has risen to the challenge posed by Covid-19, adapting established ways of working to continue delivering exceptional service to clients during a period of disruption.”

Miller added: “Now, as we move out of lockdown and look ahead, I’m not surprised that many advisers are planning to embrace the digital forms of communication and remote working practices they initially introduced out of a necessity for the long-term. The world of savings and investments is undoubtedly becoming more digital, and we need to evolve in line with client expectations.”

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