Surging demand for financial advice

8 May 2020
| By Laura Dew |
image
image
expand image

Enquiries from new clients have risen 24% for financial advisory firm deVere Group as investors navigate volatile global stockmarkets with over half wanting advice to be face-to-face. 

The firm, which operates in 100 countries, said new enquiries were up 24% in April and over half of its clients wanted face-to-face advice, 42% wanted advice via video call and 6% said by phone.  

Nigel Green, chief executive of deVere Group, said he was surprised by the preference for face-to-face.  

“Given the circumstances and how much things have changed, I quite was surprised that the preferred option for the delivery of financial advice remains face-to-face. But video communication is only 10% behind, which is quite something as it is a new platform for most people.  

“The survey underscores that increasingly people want bespoke financial advice combined with innovative technology.” 

He said the rise in new enquiries came as many people were realising in the crisis that they had insufficient funds or savings which could impact their long-term financial health.  

“This most unusual situation has dramatically underscored that no-one really knows what is around the corner. Now more than ever people are seeking to be as financially prepared as they can for any eventuality.” 

He said the situation replicated that following the Global Financial Crisis in 2008 when consumers sought advice, despite a fundamental lack of confidence of the banking system.  

Some 80% said they expected new companies would emerge from the crisis and that the ones which had previously been successful would not necessarily remain so in this new environment. Nearly three-quarters felt that the world had changed ‘permanently’ as a result of COVID-19.  

“We can be in no doubt that the world has already fundamentally changed – and it will do so more and maybe at a faster pace,” Green said. 

Read more about:

AUTHOR

Recommended for you

sub-bgsidebar subscription

Never miss the latest news and developments in wealth management industry

MARKET INSIGHTS

GG

So shareholders lose a dividend plus have seen the erosion of value. Qantas decides to clawback remuneration from Alan ...

2 months 1 week ago
Denise Baker

This is why I left my last position. There was no interest in giving the client quality time, it was all about bumping ...

2 months 1 week ago
gonski

So the Hayne Royal Commission has left us with this. What a sad day for the financial planning industry. Clearly most ...

2 months 1 week ago

A Sydney-based financial adviser has been banned from providing financial services in the interest of consumer protection after failing to act on conduct concerns. ...

3 weeks 3 days ago

ASIC has cancelled the AFSL of a $250 million Sydney fund manager, one of two AFSL cancellations announced by the corporate regulator....

3 weeks 1 day ago

Having divested its advice business in August, AMP is undergoing restructuring in at least four other departments amid a cost simplification program....

2 weeks 5 days ago