How coronavirus will change advice firms


The lockdown caused by the spread of coronavirus across the UK could change the way financial advisers run their businesses, according to the guests on the latest FTAdviser Podcast.

Adam Owen, president of the Personal Finance Society and director of NextGen Planners, and Alasdair Walker, a chartered financial planner at Handford Aitkenhead & Walker, joined FTAdviser's digital editor Damian Fantato to discuss how the business of providing financial advice will have changed after the pandemic ends.

Mr Walker said: "The big thing we are all wrestling with is 'what is the value to face-to-face?'. To give a different example: I have a friend who is a yoga teacher and all of a sudden she can't run yoga classes and so she is now running video yoga class. What is a video yoga class worth compared to a face-to-face yoga class?

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"Likewise how much importance do clients place, particularly on that initial face-to-face contact. That's a question we are going to find the answer to in the next few months."

Mr Owen added: "If your content is strong, whether you are a financial planner, a yoga teacher or a trainer then the medium through which it's delivered almost melts into the background.

"That's something I think financial planning firms need to focus on - making sure what your delivery holds people's attention."

They also discussed the increased use of paperless processes and whether adding efficiencies can help advisers serve lower-value clients.

To listen to the full podcast click on the link above. FTAdviser's podcasts are available on Acast and are also available to download on iTunes and Spotify.

The next episode will be released on April 17, 2020 - after the Easter break.