Nearly half (46%) of advised clients have undergone a comprehensive review of their financial situation since the start of the Coronavirus pandemic, according to a new report.

A third of Financial Planners say at least 75% of clients have had a comprehensive review.

On average, 15% of clients have suffered financial losses during the pandemic, according to the new report from advice network The Openwork Partnership.

One in 10 advisers told the network that 30% or more of their clients have suffered financially.

Close to half (46%) of advisers said they have seen clients stopping saving or investing.

A similar number (44%) of advisers said they have seen clients take tax-free cash earlier than they had planned from their pension.

Four in ten advisers said clients had taken money out of pension funds as a result of the pandemic.

Two in five advisers said clients have been running down savings and reducing their drawdown income while a quarter (26%) have cashed in investments.

Over half (54%) of advisers told Openwork they have also seen an increase in clients cashing in pensions early by taking tax-free cash or going into drawdown during the crisis.

Mike Morrow, chief commercial officer at The Openwork Partnership, said: “The pandemic has undoubtedly had an impact on people’s finances with winners as well as losers.

“With so many changes, it is good to see that more people have been seeking professional advice.”

Research was conducted among 101 advisers across the UK by Pollright in September.

The Openwork Partnership has over 4,300 financial advisers operating across the UK. It operates a directly authorised, multi-panel distribution network.