COVID-19 to increase advice demand

Allan Gray Royal Commission Simon Mawhinney covid-19 coronavirus survey

31 March 2020
| By Chris Dastoor |
image
image
expand image

A survey of 70 advisers by Allan Gray shows 77% saying COVID-19 will increase demand for financial advice moving forward, with 78% saying they were now working from home.

When asked if the Royal Commission recommendations should be put on hold during the pandemic, 54% said yes, 25% said a three-month extension, 14% were undecided and 7% said no.

Advisers also said they were overloaded with communication from fund managers, as 36% said there was a plethora of information from managers and only 9% wanting more.

When it came to receiving that information, video and webcasts were the favourite with 61%, followed by written communication (22%) and face-to-face (14%).

Simon Mawhinney, Allan Gray chief investment officer, said despite the earnings headwinds from the COVID-19 pandemic, the market offered compelling investment opportunities for those with a longer-term perspective.

“Indiscriminate selling has resulted in companies with strong balance sheets and excellent asset bases selling at very attractive prices,” Mawhinney said.

“Subject to the severity of the impairment cycle, even the banks might offer exceptional long-term value.”

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

This verdict highlights something deeply wrong and rotten at the heart of the FSCP. We are witnessing a heavy-handed, op...

1 hour ago

Interesting. Would be good to know the details of the StrategyOne deal....

4 days 6 hours ago

It’s astonishing to see the FAAA now pushing for more advisers by courting "career changers" and international recruits,...

3 weeks 2 days ago

Insignia Financial has made four appointments, including three who have joined from TAL, to lead strategy and innovation in its retirement solutions for the MLC brand....

2 weeks 4 days ago

A former Brisbane financial adviser has been charged with 26 counts of dishonest conduct regarding a failure to disclose he would receive substantial commission payments ...

3 days 4 hours ago

Pinnacle Investment Management has announced it will acquire strategic interests in two international fund managers for $142 million....

2 days 7 hours ago