As individuals, households and businesses readjust and look ahead to a new era and recovery, demand for financial advice is up by almost a quarter. This is according to the deVere Group, which operates in 100 countries worldwide. The firm says that the number of inquiries from new clients was up by 24% in April, compared to the previous month.
Nigel Green, the founder and CEO of deVere Group, observes: “Disruption and dislocation have hit entire economies and businesses of all sizes and in all sectors.
“This has had a very real and very immediate impact on the finances of individuals, households and businesses around the world.
“Suddenly, unexpectedly, many have realized that they didn’t have sufficient money behind them, they didn’t have contingency plans.
“This, as they know, could have consequences for the lifestyles and life opportunities of themselves and loved ones and, for those in business, for the long-term sustainability of their firm.
“With financial matters back in sharp focus, for many, ‘I should have’ becomes ‘I need to have.’
“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.”
What clients want
This, says Green, is driving the increasing demand. But in this tech-driven era, how do people want this advice delivered?
According to a poll carried out by deVere among existing and prospective clients, 52% said ‘face-to-face, 42% said they prefer videocall platforms like Zoom, and 6% answered ‘by telephone.’
Impact of COVID-19
Green added: “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.”
This was highlighted by the deVere poll which revealed that 72% of client respondents feel the world has changed permanently.
In addition, 80% said that in a similar way to after the 2008 crash, new companies will emerge and those that were successful in the past were not guaranteed to succeed again.
“With these shifts impacting people’s finances, the majority of our new clients are seeking advice on savings plans, investments, foreign exchange, pensions and retirement planning and tax planning,” he notes.
“2020 has been a year of change,” deVere concludes. “For an increasing number, this includes a change in the way we prioritize, with long-term financial security for ourselves and our loved ones ever more important.”
deVere Group is one of the world’s largest independent advisors, with global financial solutions for international, local mass affluent, and high-net-worth clients.