Advisers optimistic for year ahead despite Covid-19, as digital working becomes more important
New research from Standard Life finds most financial advisers are optimistic about the year ahead, despite the Covid-19 pandemic.
Standard Life’s bi-annual survey of UK financial advisers found 96 per cent are optimistic about their firm’s prospects for the next 12 months and of 95 per cent are optimistic about the security of their job over the same period.
Those surveyed were also positive about new business, with 85 per cent saying they were optimistic about taking on new clients in the next 12 months.
Advisers’ positive outlook for the year ahead extends to the UK economy too, with two thirds (67 per cent) optimistic about the UK’s economic recovery post-Covid-19.
Standard Life’s survey also found more digital ways of working adopted by advisers in response to Covid-19 are expected to be here to stay.
When compared to how their business operated before the pandemic, more than eight in ten (83 per cent) and two thirds (66 per cent) said virtual client and internal meetings are more likely to happen in the future respectively, while three quarters (74 per cent) said staff are more likely to work remotely.
Caroline Miller, UK Distribution Director at Standard Life, says: “It’s really good to see advisers we work with emerging from a difficult few months with optimism about the future. The advice industry has risen to the challenge posed by Covid-19, adapting established ways of working to continue delivering exceptional service to clients during a period of disruption.
“Now, as we move out of lockdown and look ahead, I’m not surprised that many advisers are planning to embrace the digital forms of communication and remote working practices they initially introduced out of a necessity for the long-term. The world of savings and investments is undoubtedly becoming more digital, and we need to evolve in line with client expectations.
“However, we do need to remember that personal relationships are the foundations of the advice industry. I’m confident the technology advisers have told us they’re keen to keep using post Covid-19 will support that and help them continue to deliver the quality experiences their clients have come to expect.”
Data for Standard Life’s Quest report was collected between 27 May and 11 June 2020. 250 UK advisers who work with Standard Life took part in the survey.