Some advisers feel their role is changing in parallel, with a more defined pastoral care element to protection advice planning now evolving.
Families are worried not only about their physical health, but also financially, and there are serious and wide-ranging repercussions for the nation’s mental health.
According to NHS England, there has been an 82 per cent fall in the number of NHS patients admitted for routine operations over the past year, while millions of patients have had to wait at least 18 weeks to start hospital treatment for routine operations.
It is not just Covid-19 that could make us sick – avoiding a GP because we are worried about Covid-19 could be just as bad for our health
At the same time, 24,000 cases of cancer have gone undiagnosed – according to Cancer Research UK – and critical illness claims are down by 40 per cent in 2020, compared to last year.
It is not just Covid-19 that could make us sick – avoiding a GP because we are worried about Covid-19 could be just as bad for our health.
Speaking to advisers recently, a growing number feel their role is changing and evolving specifically because of the pandemic.
From encouraging clients to see a doctor through to helping clients avoid (or go through) a divorce, for some advisers the core requirements of financial advice and financial planning are changing into something much more basic, and human – even though much of it is being aided by technology.
One adviser we spoke to said that Covid-19 has undoubtedly created a new normal, which is especially apt in the advisory world.
He said adaptability and agility will become more important, while behavioural and psychological paradigms are changing. Much of this could be positive in the long term as people become more naturally insular looking, which will lead to a more palatable conversation about protection.
However, he was also concerned that reluctance to visit a GP means some clients may not just be missing out in terms of claiming on a policy, but also on important support services.
The use of technology between advisers and clients has also spiralled since the pandemic began, with many advisers already considering this to be the way forward for client communications.
Feedback we received from another adviser revealed there was an initial urgency to communicate with his clients, primarily to allay any investment-based concerns, but also to ensure they were aware of his availability to discuss all manner of concerns brought about by Covid-19 and lockdown.
