Demand for face-to-face advice has held up despite lockdown, new research suggests.
Ongoing social distancing has not changed how people prefer to receive advice, according to an Openwork poll, with nearly two thirds of adults still wanting face-to-face support, and 66 per cent worrying robo-advice may not meet their needs.
Some 35 per cent of advisers believe that the pandemic will increase demand, and nearly half believe they will need to recruit more advisers to meet this.
The workplace could play a key role in providing face-to-face services, as 36 per cent of respondents said that they would like their current employer to offer access to financial advice, rising to 60 per cent for 18 – 24-year olds.
The younger generation also reported being more likely to seek advice thanks to Covid, at 23 per cent, compared to 17 per cent of those over 35.
Learning and acquisition director Claire Limon says: “Despite the challenges posed by Covid-19 and the difficult last six months, it is absolutely clear that the demand for financial advice remains as strong as ever, especially among young adults who have only recently started their careers.
“To some extent it will be about repairing the financial damage of Covid-19, but it is also interesting that people still want to see advisers face to face despite social distancing.”
Especially in light of an almost 50% increase in internet scams during the lockdown, why is it so surprising that the majority of people would prefer to smell the aftershave/scent of the person they are entrusting their money to?
But will employers coming out of this recession, facing uncertain times but with the likelihood of an increasing tax burden, be expected to allow staff to receive the necessary level of (ongoing) advice – which they will probably have to pay for in some way – while employees are meant to be ‘on the clock’ thus reducing productivity? There has to be some point at which individuals need to take ownership of their own lives and personal responsibilities in some meaningful way. Being given free advice during work-time I would suggest won’t do much for this goal.
No surprise. This is a face-to-face business for anyone with serious money, as opposed to those who just want to invest the change from their Costa-Lot Latte, whatever the fintech investor proponents of robo-advice may want the world to believe. And the ever-increasing preponderance of Internet scams will, if anything, increase the proportion of people who realise they need to see a real adviser they can trust.