Clients “crave” contact during times of crisis, according to a survey by financial specialists Quilter.
One in three advised clients have spoken to their adviser during the pandemic and this is impacting how confident they feel about their finances.
A spokesman for Quilter said that clients who have spoken to their adviser during the COVID-19 pandemic are more likely to feel confident about their finances,.
Researchers behind the study, of over 1,000 consumers throughout the UK, found close to two-thirds (65.6%) of those who spoke to their adviser during the pandemic have felt very well prepared (29.6%) or quite well prepared (36.1%) financially.
That figure drops to just 42% for those that haven’t spoken to their adviser with just 13% saying they feel very well prepared.
Mark Pittaccio, business consultant and behavioral economist at Quilter Financial Planning, said that “each and every” client is going to have a different experience of the Coronavirus pandemic and being in lockdown.
He said: “Some may be unable to work, living on a reduced income or struggling to keep their businesses afloat. Others will still be able to work and are likely to see their expenditure reduce over this period.
“Some may see no significant changes to their finances. We are all in the same storm but in very different boats.
“This data shows that clients feel reassured and confident when they’ve had contact with their adviser. Even if they don’t need to make specific changes to their plan, hearing from their adviser is something they value.
“There has never been a better time to engender trust. Sharing our experiences deepens that intimacy which is such an important factor in creating and maintaining trust.
“How advisers assist clients through this crisis will be remembered for a long time, so stock up on goodwill, empathy and compassion and make sure that they know you are there for them.”
The research sample of 1,000 adults was carried out for Quilter by Toluna in April.