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Covid-19 increases demand for advice, led by millennials

12 May 2020

  • Half of those who are concerned about their finances would consider a financial adviser
  • Quilter research shows two-thirds of all 18-30 year olds would consider a financial adviser

Consumer demand for financial advice has risen during the Covid-19 crisis as those who have never taken advice before would now consider talking to a financial adviser following the pandemic and lockdown, research from Quilter* has found.

The demand comes primarily from two groups:

  • Those nervous about their finances – One in two (52%) of those concerned about their finances, but have never taken advice before, would consider using a financial adviser.

  • Millennials who are saving more - Nearly two-thirds (64%) of 18-30 year olds saying they would consider getting financial advice and the research further shows  nearly half of this group (48%) are saving more.

Scott Stevens, head of adviser recruitment and acquisition comments:

“Today’s circumstances force everyone to reconsider their finances for a variety of reasons, be it saving more or perhaps a rethink of their future plans. Whatever the motivation financial advisers are in a good position to grow their businesses, particularly as they may find they have more time with minimal travelling between client meetings.

“It is encouraging millennials are leading the charge and it is important that we encourage this group to keep up their saving habits and invest appropriately.

“It is times like these where financial advice comes into its own and as a sector we should ensure the value advice provides continues to be promoted. And that’s not just financial value.  Sorting through finances is complicated and as hard as we try to be rational there is a level of emotion involved which can hinder your clients decisions. As a financial adviser you can help your client navigate these emotions.

“Quilter’s There For You adviser hub has resources for advisers to help them provide advice in the current environment and hopefully give them the time to cater for new clients as there is an increasing demand for their services.”

 

*Research conducted for Quilter by Toluna of 1,000 UK adults In April 2020

 

For more information contact

Kathleen Gallagher
023 8072 6293 
079 9000 4932
kathleen.gallagher@quilter.com

Michael Glenister
0207 7789 638  
07469 144 535
Michael.Glenister@quilterinvestors.com

Notes to Editors:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £95.3 billion in customer investments (as at 31 March 2020).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform and Quilter International, including AAM Advisory in Singapore.

The Old Mutual Wealth Heritage life assurance business was acquired by ReAssure Group Plc on 2 January 2020.

Since its IPO in June 2018, Quilter plc’s businesses have progressively rebranded to Quilter, as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Quilter Financial Advisers (previously Charles Derby Group)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Investment Platform in 2020)
  • Quilter International (previously Old Mutual International)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.