Warning of 'highly disparate' advice service

Another client said they intended to challenge their adviser as to why they had not been in touch during the market turbulence. 

Of the advised investors surveyed by Boring Money, 23 per cent said their expectations of advisers had changed with a higher focus on personalised communications and regular updates.

Ms Mackay added: "Interestingly, customer appetite and acceptance of video calls has increased and now 63 per cent of advised clients say that they would be happy to engage with their adviser this way." 

Martin Brown, managing partner at Continuum, warned if advisers were not in constant communication with their clients they risked losing them.

Mr Brown said: "We have seen a significant inflow of leads from clients that haven’t had any contact with their adviser.

"Additionally, the advisers of course leave themselves potentially open to complaints as they could be seen as not carrying out the service for which they are paid.

"Clients have been very vulnerable over the last couple of months and it is potentially business suicide to not be in contact during these times.

"Whilst clients may not walk away during this period, if you haven’t looked after them then there is high probability they will leave as soon as they are able."

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