"We often talk about the resilience of the adviser community, and never has this been put to the test more definitively than during the Covid-19 pandemic."
The 300 respondents to the SimplyBiz bi-annual survey answered questions on a range of issues including their perception of the future of the industry, the most frequent concerns raised by clients over the past twelve months and how advisers will be engaging with their clients going forward.
The vast majority of firms said that they felt positive about their professional future, with only 3% saying they felt pessimistic.
Increasing client engagement came top of the list of perceived opportunities, with further strengthening efficiencies within their businesses and growing use of technology also both appearing in the top five.
Concerns over retirement planning and the effects of the pandemic on their investments topped the list of areas about which clients have been asking their adviser, with intergenerational advice and wider estate planning taking the third and fourth spot
Face-to-face advice remains a key focus for advisers. However, it was clear to see the importance that digital services and support have when it comes to supporting the advice process, for example, the adoption of video conferencing, digital marketing and increased virtual event attendance.
75% of firms had seen an increase in their client bank over the past twelve months, and further growth was cited as number three in the list of anticipated opportunities.
Richard Ardron, marketing director of SimplyBiz, commented: “The insight from this type of research is invaluable in helping us understanding both the current shape of the advice market and indicating the future direction of travel. It’s crucial information to SimplyBiz in terms of us ensuring the services we’re offering to advisers meet their needs, and that we’re supporting them at every step as they continue to deliver the best possible outcomes to clients.
“We often talk about the resilience of the adviser community, and never has this been put to the test more definitively than during the Covid-19 pandemic. The most important overall message from the survey is that we can see the value of advice has never been clearer to consumers, and all indications suggest a bright future ahead for the sector.”
