Three in ten (31%) of Financial Planners have seen an increase in client enquiries since the outbreak of the Coronavirus pandemic, according to new research.

Nearly two-thirds (64%) of Financial Planners said common enquiries included reviewing investment performance, with half (46%) citing reviewing financial plans in the light of market volatility.

The research from Aegon looked at how the pandemic is changing attitudes towards advice.

Almost half (48%) of the Financial Planners surveyed by the provider said clients have seen the current market performance as an opportunity to invest for the future. However, three in ten (31%) said their clients are more fearful and reluctant to invest in the medium turn. A further quarter (23%) said their clients had more concerns about locking money away.

Steven Cameron, pensions director at Aegon, said: “There are lots of reasons why people seek financial advice and demand is often driven by a change in personal circumstances or influences from the external environment. For many, the coronavirus pandemic ticks both these boxes. Stock market turbulence following the onset of the coronavirus has no doubt been concerning for individuals, and with some facing disruption to employment, advisers can play a hugely important role in navigating clients through the issues and providing real value in the crisis. Without access to advice, there’s a risk people will take panic action that might not be in their best interests and could do significant long-term harm, particularly at important life stages such as retirement.

“The research also shows current market volatility has prompted some individuals to look for investment opportunities. Those in the accumulation phase with a long-term savings horizon will be hoping that over time markets will recover and might seek financial advice for opportunities to invest while share prices are low. For others, particularly those with shorter time horizons, the pandemic may have reduced their risk appetite as they become more cautious in their investment choices.  

“While the coronavirus is first and foremost a health crisis, it is also having significant implications on personal finances and the economy. Demand for advice will inevitably remain high as the market reacts to the economic fallout from this global pandemic.”

The Aegon research with Opinium surveyed 205 financial advisers between 20-26th May 2020.