A new report from St. James’s Place and Boring Money identifies how people receive and benefit from advice.
What does financial advice mean to consumers? Why and when do they take professional advice? What does it give them, and does that match their expectations?
Commissioned by St. James’s Place Wealth Management and conducted by consumer financial website, Boring Money, the Value of Advice report aims to answer some of these questions.
Drawing on insights from people who take advice, as well as those who don’t, it shows how the adviser-client relationship develops and grows, what determines ‘value’, and how COVID-19 has shaped the advice process.
“One consequence of the global pandemic has been to demonstrate the value of expert financial advice”, says Eddie Grant, Director of Technical Advice and Development at St. James’s Place.
“Amid the uncertainty caused by the ongoing health, economic and stock market crisis, clients have turned to wealth management professionals, seeking reassurance their investments are in hand.”
The speed at which the pandemic grew also accelerated changes in the way consumers receive financial advice, notes Holly Mackay, founder of Boring Money.
“Instead of a gradual evolution towards being able to speak to an adviser remotely, the rug was pulled from under people’s feet and their expectations changed overnight.”
“Clients now want to use Skype and Zoom to chat with their adviser, and they demand more frequent contact – with updates on how their investments are doing in challenging market conditions”, she confirms.
In the video below, Eddie and Holly discuss the report’s findings and the implications it has for both consumers and the financial advice industry.
“For many, an ongoing service and the development of a relationship grounded on proactive, personalised financial advice can be just as important as being in the best-performing fund possible”, concludes Grant.
Looking for financial advice? Our St. James’s Place Partners are there to help you, whichever stage of your financial life you’re in.