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Covid has not changed clients’ Attitude to Risk

15 October 2020

The majority of clients did not change their attitude to risk amid the Covid-19 market volatility, a new survey by Fairstone has found.

The chartered financial planning firm said two thirds of clients retained their attitude to risk, similar to the 71% of clients who said Brexit had not impacted their financial planning, with almost half (41%) considering it just another market cycle.

Lee Hartley, CEO, Fairstone (pictured) said: “While no one could have predicted the global effect of COVID, the financial advice industry has always been impacted by an ever-changing landscape. History has shown us that even when market impacts are severe, there is always recovery. Staying calm and objective is central to keeping any financial plan on track for success.”

Dr Matthew Connell, director policy and public affairs, Chartered Insurance Institute, commented: “It is clear from Fairstone’s survey that a lot of important conversations have taken place between Fairstone’s advisers and their clients over many years so that everyone understands why they have committed to the financial solutions that they have in place and they understand the importance of high-quality advice.”

The survey, which polled over 1,000 Fairstone clients, showed that three quarters (75%) of respondents believe that being Chartered is essential in their decision-making around who to appoint as an adviser.

Meanwhile, 60% of respondents said that investing into ethical and sustainable assets is extremely important to them, while respondents would also like to see more education and awareness around financial services, with 71% believing that IHT thresholds weren’t publicised enough by the Government.

Hartley added: “We recognise that talking to our clients is an essential part of our client-centric approach as it helps us to recognise what our clients want now and also in the future, to fill the gaps in understanding as a business.

“The results of the survey were incredibly interesting and it is encouraging to see the value our clients place on independent financial advice as well as their understanding of the importance of long-term financial planning.”

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