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Around 9 in 10 advisers would provide remote advice in the “new normal”

28 July 2020

A survey of Quilter’s national advice business found 88% of advisers would continue to provide some form of remote advice option as we progress out of lockdown. 

Financial advisers are keen to retain the ability to keep remote advice through video technology, a survey of around 300 of Quilter’s advisers has revealed.

And video conferencing has not hindered advisers gaining new clients, with 77% of advisers saying they have gained some during the period.

However, there is an understanding that the way advice is delivered needs to be different. Advisers said around half (48%) of new clients react differently to video advice. The introduction of the technology has led 56% of advisers to structure their meetings differently as a result.

Sarah Waring, client and proposition director for Quilter’s national advice business:

“At the beginning of 2020 no one would have anticipated that just a few months later we’d be giving the majority of our advice through video due to a global pandemic. However, the industry has shown, yet again, that it can adapt.

“What’s more as we move into our ‘new normal’ we need to think about what practices from lockdown we want to keep. Encouragingly, advisers and clients have been receptive to video conferencing. This can go a long way to increasing adviser’s capacity to take on more clients as there will be less time spent travelling to and from meetings.

“However, we need to recognise that a relationship created through video advice may be intrinsically different to those created through a face to face meeting. It can be harder to engender trust and it also becomes vitally important to have structured meetings. We have found advisers who create a clear framework for the meeting and communicate it at the beginning help to increase their client’s understanding and trust.

“We are excited to develop our proposition, appreciating that the current situation has been forced on clients and advisers. We would like people to have choice, and flexibility over the way that they engage, whilst creating an efficient process for all parties.”

For more information contact

Kathleen Gallagher
02380 726293
07990 004932
kathleen.gallagher@quilter.com

Alex Berry
02380 726260
07741 151931
alex.berry@quilter.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.