Opinion was split on how the pandemic had influenced work flow, with 50 per cent of advisers stating their workload was either lower or much lower than usual, but 30 per cent saying it was higher or significantly higher.
Despite tumbling markets and widespread upheaval, 23 per cent of advisers said their workload had remained about the same.
The survey of 296 advisers, conducted during the first 10 days of April, also revealed advisers are largely coping well with their new circumstances from a technological perspective – but found many were nonetheless looking again at the product providers and platforms they use.
Although respondents did not reveal significant levels of frustration with how platforms and product providers had adapted to the change in working practices, more than half said companies had done no better than “moderately well”.
With market volatility also thrown into the mix, a quarter of all respondents said they were now scrutinising their investment providers even more than usual.
Mike Barrett, consulting director at The Lang Cat, said there was a balance to be struck, but added advisers should be scrutinising provider service levels.
He said: “Most advisers I speak with have some sympathy with providers who, like everyone else, are going through the same bewildering change we are all currently experiencing.
“However, we’ve often said that providers should always focus on the ‘moments of truth’ where advisers or the end client need them to deliver on the promised service.”
Mr Barrett said it was inevitable that “moments of truth” would continue to occur.
He added: “If a provider lets the adviser and their end client down at potentially a critical moment in their lives, then it is right that advisers should consider whether the provider should be trusted to look after their other clients’ investments.”
The survey showed almost 80 per cent of advisers ranked communication from business partners such as providers as extremely or very important, with just eight respondents unfazed by performance in this area.
The survey showed a high demand for providers to communicate a continuity of service on their part, followed by stability, continuity of service and risk management.
Last week Financial Adviser reported how platforms had started to rip up their rulebooks in a bid to meet the remote-working requirements of IFAs.
Platforms with large client service teams have been presented with different logistical issues to those with a smaller number of customer service roles, with the likes of Aviva and Aegon currently not accepting inbound calls as teams work from home.
The UK’s lockdown also effectively ended face-to-face meetings, presenting its own issue for an industry that still relies heavily on the use of wet signatures.
The survey also revealed that advisers were changing their own working patterns during the Covid-19 lockdown.
Darren Cooke, chartered financial planner at Red Circle Financial Planning, said the impact on advisers would largely depend on their type of work and the maturity of their business.
He warned those who primarily advise on mortgage and protection business could find themselves quieter. But with just 10 per cent of survey respondents identifying as mortgage advisers, the findings suggest lower levels of activity are more widespread.
Mr Cooke added those in the early or growth phases of their business may also have seen a drop in activity, particularly in relation to new enquiries.
He said: “More mature businesses that have adapted to home working should see little difference. They will still have clients to service and will be able to do nearly all of that via video.
“Overall I’d say I was slightly busier than normal, but the feedback I hear would mirror the survey results as a pretty mixed picture.”
Zoe Dagless, financial planner at Addidi, advised those witnessing dips in their workloads to prioritise annual reviews and ensure the rest of their operations are in order.
She said: “Restructure all the things that you have been meaning to do like report letters, factsheets and cleansing back office systems.”
Ms Dagless suggested there would be further opportunities for reflection, predicting a fall in workload now the tax year-end was over and as clients got used to lockdown.
She said: “I also think workload has been high [for some] because of the markets and conversations with clients about performance, stopping income from portfolios, potentially changing funds and using it as a good time to invest.”
rachel.mortimer@ft.com
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