Demand for financial advice on the rise, research suggests

Consumer demand for financial advice has risen during the Covid-19 crisis, according to new research from Quilter.

The financial planning firm revealed 52% of people concerned about their finances who have never taken advice before would now consider talking to a financial adviser, following the coronavirus pandemic and lockdown period imposed by the Government.

Quilter’s research, conducted on its behalf by Toluna amongst 1,000 UK adults in April, also suggested millennials are driving the demand and saving more. The firm indicated 64% of 18 to 30 year olds had said they would consider getting financial advice, and the research also showed that nearly half of this group (48%) had started saving more.

Quilter head of adviser recruitment and acquisition, Scott Stevens, commented: “Today’s circumstances force everyone to reconsider their finances for a variety of reasons, be it saving more or perhaps a rethink of their future plans. Whatever the motivation, financial advisers are in a good position to grow their businesses, particularly as they may find they have more time with minimal travelling between client meetings.

“It is encouraging millennials are leading the charge and it is important that we encourage this group to keep up their saving habits and invest appropriately.

“It is times like these where financial advice comes into its own and as a sector we should ensure the value advice provides continues to be promoted. And that’s not just financial value. Sorting through finances is complicated and as hard as we try to be rational there is a level of emotion involved which can hinder your clients decisions. As a financial adviser, you can help your client navigate these emotions.”

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