In a week marked by the commencement of a 12-week lockdown to stop the spread of coronavirus, the advice industry has demonstrated amazing resilience.
Dozens of advisers have written into FTAdviser during this peculiar and disturbing time in our nation's – our world's – history to let us know of initiatives they have created to help their clients, their staff and their businesses continue to thrive, despite the government's plea for self-isolation.
One adviser in West Yorkshire has pledged to 'live' in his office if the shut-down continues, so that he can continue to man the office phones (there is a bed and shower facility in the office).
Others have been carrying out 'face-to-face' meetings via Skype, and many have provided clients with their personal mobile phone numbers so they can help during out-of-office hours.
While strongly advising clients against cashing in their investments in panic, advisers have stated that communication is absolutely vital, providing both online and written information for clients at a time when markets have experienced drops of more than 2,000 points in a month.
In this week's update to clients, Joshua Gerstler, chartered financial planner at The Orchard Practice, moved to reassure: "With the extra free time at home please don’t stress too much about your portfolio – leave that to me.
"If you can get through this market period without committing the gravest of investing mistakes, which is selling low in a declining market, you’ll likely not encounter such extreme conditions again. I obviously can’t guarantee this, but it’s a hunch.
"Being your financial adviser means the world to me, I’m here for anything, just call."
It is this sort of communication – direct, reassuring and clear – that matters to people at times such as these. It is a pity that world leaders cannot be as direct, concise and comforting to their citizens, as we have seen in recent news reports.
As for financial advisers' own business practices, announcements from chancellor Rishi Sunak have helped to allay some fears for those who are self-employed. The government has said coronavirus-related business loans will now be interest-free for 12 months rather than six.
Moreover, the government has announced it will defer the next quarter of VAT payments until June, while the next round of tax self-assessments for the self-employed will be delayed until January 2021.
Working remotely has become easier over the past decade or so, which means disruption is not as great as it could have been otherwise.
Teams have been conducting group meetings via Google Hangouts and training has moved online according to various bodies, such as the Chartered Insurance Institute and Quilter's Advice School.
Previously planned CPD-qualifying roadshow seminars have turned into webinars, such as the ones on offer from Dynamic Planner.
Various communities such as the Paraplanners Powwow have created support networks online to provide guidance and help for those working at home or those freelance and contract workers who are worried about their revenue streams.
Richard Allum, one of the founders of the Paraplanners' Powwow, said: "In the days and weeks ahead, the ability to continue to gather via the Powwow could be invaluable for paraplanners, and their own businesses or the businesses that they work for."
But while home and remote working can be facilitated greatly by technology, specialists have warned of the dangers of overworking, communication difficulties, excessive screen time and a lack of fresh air and exercise.
Brett Hill, distribution director at Towergate Health & Protection, said: “These are unprecedented times and employers have a lot to get to grips with.
"Bearing the brunt of a lot of this change are employees themselves. The first consideration in the wake of coronavirus is physical wellbeing, but staff need much fuller support if they’re expected to work from home, and to remind them that they’re still part of the team.
“Understanding that it may take a toll on their mental health and thinking through some of the ways pressure can be alleviated will help employees to manage themselves more effectively in the short and longer term.
"With many employers scrambling for solutions, to the multitude of challenges coronavirus has presented, health and wellbeing benefits can lighten some of the load, supporting employees to manage their mental wellbeing more effectively.”
Simoney.kyriakou@ft.com
