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Clients crave contact during times of crisis

25 June 2020

Clients who have spoken to their adviser during the Covid-19 pandemic are more likely to feel confident about their finances, according to Quilter research* with 1,000 consumers throughout the UK.

The findings come as Quilter launches its report How the pandemic is changing attitudes towards financial planning. The report, which is available on Quilter’s There For You website, offers insight for advisers on how their clients and potential clients are feeling and acting about their finances.

The study found close to two-thirds (65.6%) of those who spoke to their adviser during the pandemic have felt very well prepared (29.6%) or quite well prepared (36.1%) financially. This drops to just 42% for those that haven’t spoken to their adviser with just 13% saying they feel very well prepared.

Helping clients feel safe and secure during times of financial turmoil is an area where advisers offer huge value. However, the research shows that 1 in 3 advised clients hadn’t had contact with their adviser during the pandemic by the end of April.

It can be hard to balance when and why it is the right time to contact clients. Particularly, if for some clients there won’t be any changes to be made. However, the evidence suggests it is important for advisers to keep in touch with clients during these times of crisis as it gives a sense of trust and security that their finances are in good hands.

Mark Pittaccio, business consultant and behavioral economist at Quilter Financial Planning, said:

“Each and every client is going to have a different experience of the Coronavirus pandemic and being in lockdown. Some may be unable to work, living on a reduced income or struggling to keep their businesses afloat. Others will still be able to work and are likely to see their expenditure reduce over this period. Some may see no significant changes to their finances. We are all in the same storm but in very different boats.

“This data shows that clients feel reassured and confident when they’ve had contact with their adviser. Even if they don’t need to make specific changes to their plan, hearing from their adviser is something they value.

“There has never been a better time to engender trust. Sharing our experiences deepens that intimacy which is such an important factor in creating and maintaining trust. How advisers assist clients through this crisis will be remembered for a long time, so stock up on goodwill, empathy and compassion and make sure that they know you are there for them.”

 

*Research conducted for Quilter by Toluna of 1,000 UK adults In April 2020

For more information contact

Tim Skelton-Smith
02380 916 998
07824 145 076
tim.skelton-smith@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.