The Covid-19 pandemic has had a seismic impact on the UK advice industry. It has changed how advisers work, where they work and how they engage and communicate with clients.
It has impacted the viability of advice firms, many of which have furloughed staff. And it has impacted the financial and mental health of clients – especially those nearing retirement and living off retirement income.
Some advice firms face a struggle to survive – something not lost on the regulator which recently asked advisers about the feasibility of them staying afloat in the current climate. Covid-19 is one of the biggest crises to hit the industry.
But the sector has been less impacted than other industries such as travel, hospitality and retail. Indeed, the crisis has arguably increased the need for financial advice and financial planning.
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