A growing number of clients are feeling more concerned about their financial wellbeing, driven by the ongoing cost of living crisis, says Fidelity Adviser Solutions.
According to the platform’s IFA DNA study, 60% of advisers say that more clients are anxious about their finances than at any other point since the survey began in 2021.
Among advisers who have observed a rise in client concerns, the vast majority (83%) said the cost of living and inflation are key contributors to client concerns. Political uncertainty (58%), concerns about market returns (46%), as well as generalised anxiety about future events (30%) are also worrying clients.
Fidelity said the findings highlight the value of financial advice in helping people to address these challenges, with many advisers identifying the support they provide clients with establishing financial and life goals as one of the most valued aspects of their services. Other valued elements include simplifying complex financial matters and offering peace of mind.
Paul Richards, head of distribution for Fidelity Adviser Solutions, said: “As financial pressures mount, it’s unsurprising that more clients are anxious about their financial future. Inflation, rising living costs and political uncertainty are creating a perfect storm of anxiety.
“We recognise the importance of equipping advisors with the tools they need to support clients through changing financial circumstances. In partnership with Conquest, we offer “Conquest Planning”, a service which enables advisers to create more effective, client friendly plans.
“The role of the financial adviser continues to evolve beyond traditional wealth management into more of a coaching and advisory relationship, providing support for clients who may feel overwhelmed by complex financial landscapes and uncertain economic futures.”
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