Surveys
Pandemic Boosts Advisory Demand, New Client Interest - UK Study

One of the findings was that nearly one in five advisors are concerned about their ageing client base - which suggests that the large majority aren't yet worried about this.
A study of 1,161 wealth advisors and clients in the UK found that
more than half of advisors (52 per cent) think the pandemic will
increase demand for advice from existing clients, while 48 per
cent said it will make new clients keener on their services.
The study, carried out by analysts AKG and sponsored by UK wealth
manager Charles
Stanley, also found that nearly one in five (19 per cent) of
advisors are concerned about their ageing client base and one in
eight (12 per cent) are worried about marketing costs and how
they will attract new clients.
Such a result suggests that the large majority are not concerned
about an ageing client base, however.
“Given the degree of uncertainty and disruption that society has
faced so far in 2020, the value of structured and professionally
thought through financial planning is significant,” John
Porteous, group head of distribution at Charles Stanley, said.
“Equally, against a backdrop of market volatility and economic
disruption, the value offered must be explicit and communicated
in a fashion that resonates with clients (eye of the beholder).
Increasingly, a positive value exchange cannot just be assumed –
it should be agreed.”
The study was conducted among 100 advisors during March/April
2020, 1,041 consumers on 15/16 April 2020 and 20 qualitative
interviews with intermediary firms.
Perhaps unsurprisingly, large life events such as buying a house
or retirement make more than a third (35 per cent) of people more
likely to seek financial advice. One in eight people (12 per
cent) say they always consult a financial advisor when making
major decisions and nearly one in 10 (9 per cent) have regretted
not seeking financial advice for such decisions.
Among other findings, some 40 per cent of those surveyed have
discussed their financial planning with their
partner/spouse/friends within the past year and 29 per cent have
done so within the past month because of the coronavirus crisis.
Just under one-fifth (17 per cent) said they will need advice due
to COVID-19 and a further 27 per cent are undecided.