88% of advisers would provide remote advice in ‘new normal’

Eighty-eight per cent of financial advisers would continue to provide some form of remote advice option as the UK restrictions start to ease, a survey of Quilter’s national advice business has found.

The survey, based on responses from around 300 advisers, found that they are keen to retain the ability to keep remote advice through video technology.

Quilter also suggested that video conferencing has not hindered advisers gaining new clients, with 77% indicating they have gained clients during the period.

Advisers, however, also said around half (48%) of new clients react differently to video advice, and that the introduction of the technology has led to 56% of advisers structuring their meetings differently as a result.

Client and proposition director for Quilter’s national advice business, Sarah Waring, commented: “As we move into our ‘new normal’ we need to think about what practices from lockdown we want to keep. Encouragingly, advisers and clients have been receptive to video conferencing. This can go a long way to increasing adviser’s capacity to take on more clients as there will be less time spent travelling to and from meetings.

“However, we need to recognise that a relationship created through video advice may be intrinsically different to those created through a face to face meeting. It can be harder to engender trust and it also becomes vitally important to have structured meetings.

“We have found advisers who create a clear framework for the meeting and communicate it at the beginning help to increase their client’s understanding and trust.”

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