"Suddenly, unexpectedly, many have realised that they didn’t have sufficient money behind them, they didn’t have contingency plans."
deVere says the number of enquiries from new clients was up 24% in April, compared to the previous month.
According to a poll carried out by deVere amongst existing and prospective clients, 52% still prefer face-to-face advice, 42% prefer videocall platforms like Zoom, and 6% answered ‘by telephone’.
Additionally, 80% of respondents said that in a similar way to after the 2008 crash, new companies will emerge and the same ones that were successful in the past were not guaranteed to succeed again.
Nigel Green, founder and chief executive of deVere Group, commented: “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 realised 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.
“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.
“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.
“2020 has been a year of change. For an increasing number, this includes a change in the way we prioritise, with long-term financial security for ourselves and our loved ones ever-more important.”
