A Post-Lockdown gpfm Update: In it for the Long-Run
It is not news to anyone that COVID-19 has changed the world we live in. It has changed how we socialise, how we shop, how we travel and, of course, how we work. Like everyone else, we here at gpfm had to adapt to the new normal with video consultations and our employees working from home.
Although we will always prefer face to face interactions, our clients have responded positively to our online review system, with one saying “The online review with Scott went very well. He made things comfortable and as similar to our normal face to face meetings as possible. He showed us all the charts and valuations he normally would by sharing his screen , which was all very easy and seamless.”
However, in other parts of the financial sector things seem to be running less smoothly, with research from consultancy AKG predicting* that just over half of advisers may leave the profession due to the COVID-19 crisis. “The Future of Advice – Beneath and Beyond paper, which polled over 100 advisers, found that 53% of advisers think they may close because of the pandemic.”
It continued “The survey found 76% of advice firms feel COVID-19 is the greatest external pressure on their firm, followed by 51% who cited regulatory change and 32% who said investment volatility.” These staggering figures are made even more unbelievable by the fact that the paper found COVID-19 had prompted a huge increase in demand for advice. “It found nearly one-in-five adults (17%) – which equals around nine million people – said they needed advice to help them with financial issues caused by the pandemic.”
Despite this, our advisers at gpfm are seasoned experts, each with an established client base, 15 plus years of experience and a commitment to our industry and the people in it. We are already adapting and we see this exodus as an opportunity to stand firm and continue to provide the highest level of advice and service to clients old and new. We’re not going anywhere.
If you would like to talk to a member of the team here at gpfm, please don’t hesitate to get in touch over email firstname.lastname@example.org or call 01992 500261.
This article is for information only and must not be considered as financial advice. We always recommend that you seek independent financial advice before making any financial decisions. Investments can go down as well as up and you may get back less than you invested.
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gpfm are an independent financial planning company dedicated to the provision of personal, professional, and objective-driven advice for our clients. We have been awarded the Chartered Financial Planners title by the Chartered Insurance Institute for offering high quality, independent and informed advice that meets the needs of our clients.