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How Top 100 advice companies turned a turbulent year into a business triumph

How Top 100 advice companies turned a turbulent year into a business triumph

There is no doubt that 2020 will go down in history as an eventful year.

For some companies, it will be marked as a time they struggled to cope with the volatility in the market as a result of the ongoing Brexit talks and coronavirus pandemic.

However, for others it will have been a different story. Among the chaos, some IFA companies have managed to successfully flip a turbulent year into a triumph and are now sitting proudly on our latest Top 100 list of financial advisers.

Quilter is one of these success stories as it has managed to secure the top slot on the prestigious chart for two years in a row.

Sarah Waring, client and proposition director at Quilter, says this is down to its ability to adapt quickly. She says: “This year has not gone as the advice sector had planned.”

The challenges brought by Covid-19 and its knock-on effects have impacted companies of every size and structure. It has been impressive how well the sector has adapted and change that one expected to see in several years’ time took place within a fortnight.

Ms Waring says: “At Quilter, as with many other firms, the rapid move to digital-led advice was not without its challenges. There were many logistics that needed to be worked through, such as what to do about signatures and how to help clients who are less comfortable with video conferencing technology.

“Once the technical hurdles were overcome, the focus shifted to how we can support our advisers to provide the best possible service to their clients.

“This involved working closely with our business consultancy team and behavioural economists to understand how advice meetings need to change to suit a digital format and how to ensure clients were comfortable.”

Key points

  • All advice companies have had to adapt very quickly to coronavirus
  • Quilter has come top in the Top 100 for the second year running
  • Having good IT infrastructure helps streamline business and boost productivity

Part of its success can also be attributed to the fact that, in the race to change working practices, it has not neglected the emotional needs of its advisers as they navigate through a new normal. 

That is why it launched a range of support services including There for You, which is a hub of practical support and expertise for advisers.

Ms Waring adds: “While the year has been full of challenges it has also, yet again, proven the importance and value of financial advice. In this nerve-wracking time clients have been reassured and comforted to know their finances are in good hands.

“We all know that doesn’t mean they have somehow avoided the market losses; it means they understand their plans are still on track and that despite the market dips they are still able to meet their financial goals and if they aren’t, we can help them adapt accordingly.”