Is there anything positive which might come out of the Covid-19 crisis?

Private-pension-advice-CCFPS
Private-pension-advice-CCFPS

Article by Phil

Obviously, the crisis has had a massive effect on financial markets and pretty much every client has seen a fall in value of their investments. But is there anything positive which could come out of the crisis?

  • Stronger client relationships. Clients with an adviser will be more re-assured than those without an adviser. So far we’ve been able to speak to most of our clients and provide them with reassurance about the situation and advice to sit tight (in most situations) and not to panic, as well as being able to answer questions and just generally to be available to speak to.
  • Increased use of technology. Without being able to undertake face to face meetings, both advisers and clients have had to make use of technology. For meetings, this has meant setting up FaceTime, Skype and Zoom to deliver reviews and advice. We’ve also been using our secure online portal technology to deliver important documents online rather than using the post, which has been becoming more and more sporadic as time goes on. By getting more comfortable with the use of technology we might be able to become more efficient, but also maybe able to deliver more face to face advice more regularly, perhaps even at a lower cost?
  • More people will get around to taking advice. Maybe the crisis and market falls will act as the impetus for more people to seek professional advice about their finances, to improve their circumstances in the future. The crisis has been a real-life example of why planning for a “rainy day” is so important.

These are only small positives and no comfort to everyone experiencing falling investment values, but we have to keep looking on the bright side.

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