Invest
Coping with a crisis: Surge in advice enquiries
The COVID-19 crisis has been a wake-up call for individuals the world over to get their finances in order, with one financial advice provider noting a massive jump in new enquiries.
Coping with a crisis: Surge in advice enquiries
The COVID-19 crisis has been a wake-up call for individuals the world over to get their finances in order, with one financial advice provider noting a massive jump in new enquiries.
Global financial advisory organisation deVere Group has reported a 24 per cent surge in new client enquiries across the month of April, which it attributes to individuals, households and businesses readjusting and looking to the future – a direct result of the COVID-19 crisis.
“Disruption and dislocation have hit entire economies and businesses of all sizes and in all sectors,” the group’s chief executive and founder, Nigel Green, outlined.
He explained that this has had “a very real and very immediate impact on the finances of individuals, households and businesses around the world”.
“Suddenly, unexpectedly, many have realised that they didn’t have sufficient money behind them, they didn’t have contingency plans.”
Flagging that, already, “2020 has been a year of change”, Mr Green said the majority of new clients are seeking advice on savings plans, investments, foreign exchange, pensions and retirement planning and tax planning.
Mr Green commented that a lack of forward planning in relation to the above could have consequences for not only the lifestyles and life opportunities of themselves and loved ones, but for those in business, the long-term sustainability of their firm.
“With financial matters back in sharp focus, for many, ‘I should have’ becomes ‘I need to have’,” he said.
“This most unusual situation has dramatically underscored that no one really knows what is around the corner.”
Mr Green said that now more than ever, people are seeking to be as financially prepared as they can for any eventuality.
“For an increasing number, this includes a change in the way we prioritise, with long-term financial security for ourselves and our loved ones ever-more important.”
The same thing happened following the 2008 global financial crisis: “That too served as a wake-up call to many people to ensure that they become financially secure and there was a subsequent increase in demand for advice.”
“Even then – when confidence in financial institutions, especially traditional banks, was at an all-time low – people understood that as the world evolves, your financial planning strategies might need to also,” he expressed.
About the author
About the author
Advice
Why it might be worth seeking out a financial adviser
Good financial planning is about doing the small things consistently over time, a private wealth adviser has outlined while touting the benefits of good financial advice. ...Read more
Advice
Knowing the signs: How to recognise financial or economic abuse
The stress caused by COVID-19 has caused a spike in the occurrence of family violence, but less attention has been paid to financial or economic abuse, which is often “invisible” in nature. Would ...Read more
Advice
The argument for $200 financial advice
Ahead of the release of the long-awaited Retirement Income Review, one advocacy group has called for better access to affordable information, guidance and advice for Australia’s retirees. ...Read more
Advice
Real estate agents can’t tell renters how to use their super: ASIC
The corporate regulator has issued warnings to a number of real estate agents after it was revealed that some had been advising tenants to pay their rent by applying for early access to superannuati...Read more
Advice
Companies finally figure out that Aussies don’t like being left on hold
Waiting on hold could be a thing of the past, thanks to COVID-19, with Australians no longer willing to spend hours on the phone to communicate with financial institutions and service providers. ...Read more
Advice
Here’s why advice is a good idea
Four-fifths of retirees have not sought financial advice during COVID-19, despite three-quarters of them also expressing a lack of confidence around how long their hard-earned savings will actually la...Read more
Advice
Investment ads must be ‘true to label’ after corporate crackdown
In a win for potential investors, consumers must only be given “clear, balanced and accurate information” in any investment product advertisements, fund managers have been warned. ...Read more
Advice
How advised individuals are getting ahead during COVID-19
Advised clients are in a much better portfolio position during COVID-19 than their unadvised counterparts, according to an investment expert. ...Read more
Advice
Why it might be worth seeking out a financial adviser
Good financial planning is about doing the small things consistently over time, a private wealth adviser has outlined while touting the benefits of good financial advice. ...Read more
Advice
Knowing the signs: How to recognise financial or economic abuse
The stress caused by COVID-19 has caused a spike in the occurrence of family violence, but less attention has been paid to financial or economic abuse, which is often “invisible” in nature. Would ...Read more
Advice
The argument for $200 financial advice
Ahead of the release of the long-awaited Retirement Income Review, one advocacy group has called for better access to affordable information, guidance and advice for Australia’s retirees. ...Read more
Advice
Real estate agents can’t tell renters how to use their super: ASIC
The corporate regulator has issued warnings to a number of real estate agents after it was revealed that some had been advising tenants to pay their rent by applying for early access to superannuati...Read more
Advice
Companies finally figure out that Aussies don’t like being left on hold
Waiting on hold could be a thing of the past, thanks to COVID-19, with Australians no longer willing to spend hours on the phone to communicate with financial institutions and service providers. ...Read more
Advice
Here’s why advice is a good idea
Four-fifths of retirees have not sought financial advice during COVID-19, despite three-quarters of them also expressing a lack of confidence around how long their hard-earned savings will actually la...Read more
Advice
Investment ads must be ‘true to label’ after corporate crackdown
In a win for potential investors, consumers must only be given “clear, balanced and accurate information” in any investment product advertisements, fund managers have been warned. ...Read more
Advice
How advised individuals are getting ahead during COVID-19
Advised clients are in a much better portfolio position during COVID-19 than their unadvised counterparts, according to an investment expert. ...Read more
More articles
Website Notifications
Get notifications in real-time for staying up to date with content that matters to you.