Advisers optimistic for year ahead despite Covid-19, as digital ways of working become 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% are optimistic about their firm’s prospects for the next 12 months and of 95% are optimistic about the security of their job over the same period.

Those surveyed were also positive about new business, with 85% 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%) 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%) and two thirds (66%) said virtual client and internal meetings are more likely to happen in the future respectively, while three quarters (74%) said staff are more likely to work remotely.

Caroline Miller, UK Distribution Director at Standard Life said: “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 27th May and 11th June 2020. 250 UK advisers who work with Standard Life took part in the survey.

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Notes to editors

Standard Life announced its entry into the equity release market in a partnership with retirement finance specialists Age Partnership in March 2019.

About Standard Life

• At Standard Life, we’ve been helping customers with their life savings for nearly 200 years.
• Today the Standard Life brand is trusted by over 4.5m customers, helping them to manage their life savings so that they and their families can enjoy a better future.
• Customers come to us through advisers, through their employers and direct to Standard Life.
• We know that customers need more support than ever to make important financial decisions, so we use our expertise to help them get good advice and make better financial choices for their future. And our close relationship with Aberdeen Standard Investments allows us access to world-class investment solutions.
• In the UK, our Award Winning Wrap and Elevate Platforms are used by financial advisers to provide financial planning and wealth management services to their clients.
• Through Standard Life Assurance Limited, we offer a range of high quality products for workplace pensions, personal pensions, savings, investments and retirement.
These are sold in the UK, Ireland, Germany and Austria. Standard Life Assurance Limited is owned by Phoenix Group and uses the Standard Life brand under licence from the Standard Life Aberdeen Group.
• Ultimately we want to help customers make good choices with their life savings, whether they are saving throughout their working lives, enjoying financial security in retirement or planning to pass wealth on to loved ones.
• We believe that experience matters, customers need us and together we will succeed. Collectively we believe this means that there’s a lot to look forward to.
• The value of investments can go down as well as up, and may be worth less than originally invested.