Demand for in person financial advice remains strong

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Covid-19 is driving demand for advice and has not diminished popularity of face-to-face support, study suggests

Nearly one in five (17%) adults said they are now more likely to seek financial advice in the wake of economic hit from Covid-19 rising to nearly one in four (23%) among under-35s, according to new research from advice firm Openwork.

Around a third (29%) said the pandemic has knocked their financial planning off course. Nearly two-thirds (63%) still want face-to-face support, despite lockdown and ongoing social distancing measures, while 66% were concerned that robo-advice will not meet their needs.

Just under half (44%) said they would benefit from some form of financial advice, rising to 55% among 18 to 24 year olds, the study involving 1,032 UK adults suggested.

The findings follow Openwork research among advisers which found that 52% of advisers agree that Covid-19 has demonstrated the true value of advice and 35% expect the pandemic to increase demand. This could lead to extra recruitment, almost half believed.

'Strong'

Claire Limon, director of learning and acquisition at Openwork, said:"Despite the challenges posed by Covid-19 and the difficult last six months, it is absolutely clear that the demand for financial advice remains as strong as ever, especially among young adults who have only recently started their careers.

"To some extent it will be about repairing the financial damage of COVID-19, but it is also interesting that people still want to see advisers face to face despite social distancing.

Openwork, which has more than 4000 financial advisers in the UK, said it plans to continue to grow its network and academy, which has trained and qualified more than 120 to CII diploma status.

 

This article was written by Adam Saville from Cover Magazine and was legally licensed through the Industry Dive publisher network. Please direct all licensing questions to legal@industrydive.com.