Nigel Green, founder of deVere Group, says the group experienced a 24% increase in new client enquiries last month, compared to March, as a growing number of people sought to get their finances in order amid the Covid-19 pandemic.
“Disruption and dislocation have hit entire economies and businesses of all sizes and in all sectors. This has had a very real and very immediate impact on the finances of individuals, households and businesses around the world. Suddenly, unexpectedly, many have realised that they didn’t have sufficient money behind them, they didn’t have contingency plans.
“This, as they know, could have consequences for the lifestyles and life opportunities of themselves and loved ones and, for those in business, for the long-term sustainability of their firm. Now more than ever people are seeking to be as financially prepared as they can for any eventuality.”
According to Green, the same trend for financial advice appeared following the 2008 financial crash.
A recent poll carried out by the advice group among existing and prospective clients found over half (52%) preferred face-to-face interaction, while 42% said they prefered videocall platforms like Zoom and 6% were inclined to speak on the phone.
Green says: “Given the circumstances and how much things have changed, I was quite surprised that the preferred option for the delivery of financial advice remains face-to-face. But video communication is only 10% behind, which is quite something as it is a new platform for most people.
“The survey underscores that increasingly people want bespoke financial advice combined with innovative technology.”
The findings also showed that nearly three quarters (72%) of respondents feel the world has changed permanently and an even greater number (80%) expect new companies to emerge post-crisis while those that were successful prior to the pandemic were not guaranteed to carry on their success.
Green added: “With these shifts impacting people’s finances, the majority of our new clients are seeking advice on savings plans, investments, foreign exchange, pensions and retirement planning and tax planning.
“2020 has been a year of change. For an increasing number, this includes a change in the way we prioritise, with long-term financial security for ourselves and our loved ones ever-more important.”
