Clients have grown more focused upon market volatility and retirement planning as a result of the Covid-19 pandemic, new research from Standard Life amongst advice firms has revealed.
Two-thirds (66%) of advisers surveyed by the firm said they are now more likely to receive enquiries from clients on market volatility and its impact on investments than they were before the pandemic.
Four in ten (41%) are more likely to receive enquiries around retirement planning, while 23% said they were expecting more estate planning requests.
Nearly a quarter (23%) of advisers also reported a higher likelihood of enquiries around protection planning, while just 13% of advisers say they are more likely to receive queries around equity release.
Caroline Miller, UK distribution director, Standard Life, said: “2020 has brought significant disruption and uncertainty to financial markets. It is clear that the events from the last nine months have prompted many individuals to rethink their plans for the future, including retirement. With the impact of the pandemic still very much with us, advisers will continue to play a key role in helping their clients navigate complex decisions and to identify the best paths forward for their specific circumstances.”
The research also revealed that advisers have grown less optimistic about the UK’s economic recovery. According to Standard Life, 57% said they were optimistic about the UK’s recovery, ten points fewer than in the second quarter of 2020. Despite this, nine in ten (93%) are optimistic about their own job, while the same amount said they felt optimistic about the prospects of their firm.
Advisers also remained confident about business growth, with 84% feeling optimistic about taking on new clients in the next 12 months.
Miller added: “Even amid challenging economic conditions, it is hugely encouraging to see advisers report such strong confidence in their own prospects. The continued provision of solutions, including platform technology, that maximise value and suitability will play a big part in enabling them to continue to deliver excellent client service and grow their businesses.”